Perhaps the Pelican State should rename itself the Bitcoin State.
According to a new analysis compiled by the Crescent Electric Supply Company, Louisiana could be the most appealing state in the country, based on one unusual metric.
Why? It’s cheaper to mine bitcoin there than in any other state in the U.S., based on the different electricity rates in different regions of the country.
Mining a single bitcoin costs $3,224 in Louisiana, a relative bargain considering the digital currency BTCUSD, -1.06% last traded at $17,652.30, up 6.8% on the day, which brings its year-to-date rise to a massive 1,723%.
The most expensive state, in contrast, is Hawaii, where the cost of electricity brings mining costs up to $9,483, meaning it is nearly three times more expensive to mine bitcoin in Honolulu than New Orleans.