These 10 states are leading America in creating a crypto economy (2026)

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Investing in cryptocurrencies is clearly not for the faint of heart. The value of bitcoin has plunged from its high last fall, and others have followed similarly gut-wrenching paths. But that does not mean that the revolutionary technology behind them, which allows for innovations such as smart contracts and instant peer-to-peer payments, is not here to stay. Because of that, many states are jockeying for leadership in this emerging industry.

Why it matters

CNBC's America's Top States for Business study is paying special attention to cryptocurrency under this year's methodology. The study scores all 50 states on a broad range of competitive features, including the cost of electricity, each state's share of computational power or "hash rate", and how states are regulating this increasingly important industry.

The details

Texas is consistently at or near the top for mining capacity, running neck and neck with Georgia. Electricity is affordable even before the special deals available for crypto miners, though the state's independent power grid has had reliability issues. Texas has begun regulating cryptocurrencies with an eye towards giving them a solid foundation for growth. Virginia's Bureau of Financial Institutions has taken a mostly hands-off approach toward regulating cryptocurrency while keeping residents of the commonwealth informed about the risks. In April, Republican Gov. Glenn Youngkin signed a groundbreaking bill clearing the way for banks to hold customers' crypto assets, provided they have the proper risk management tools in place. Idaho offers the lowest electricity costs in the nation, though that has yet to translate to a big influx of mining activity. This year, the state passed the Digital Assets Act, creating a broad framework for cryptocurrency regulation. Washington State also has low electricity costs and a strong tech ecosystem, proving to be a draw for miners. This year, Democratic Gov. Jay Inslee signed a new law establishing the Washington State Blockchain Work Group aimed at advancing the new technology and establishing partnerships between the state and the industry. Utah is carefully crafting regulations for blockchain, and in March, Republican Gov. Spencer Cox signed a bill that allows state and local governments to accept payments in the form of digital assets. The state also formed a new blockchain innovation task force. North Dakota is making itself fertile ground for crypto, and the effort may be paying off. Last month, mining company Bitzero announced it will build its North American headquarters in North Dakota. Oklahoma has low costs, and its regulations, while still a work in progress, are friendly. Wyoming has enacted dozens of laws to attract the industry, including a framework to charter crypto banks. The state also offers some of the lowest electricity costs in the nation. Nebraska is taking the lead in cultivating crypto banking, establishing its own bank charter regime last year. It is also a mining powerhouse on the prairie.

• In April, Republican Gov. Glenn Youngkin signed a groundbreaking bill clearing the way for banks to hold customers' crypto assets.
• This year, the state of Idaho passed the Digital Assets Act, creating a broad framework for cryptocurrency regulation.
• This year, Democratic Gov. Jay Inslee signed a new law establishing the Washington State Blockchain Work Group.
• In March, Republican Gov. Spencer Cox signed a bill in Utah that allows state and local governments to accept payments in the form of digital assets.
• Last month, mining company Bitzero announced it will build its North American headquarters in North Dakota.

What they’re saying

What’s next

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