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ASICKey ranked states by tax policy, crypto jobs, and infrastructure; New Hampshire and Wyoming lead the pack.
Jun 2, 2025, 8:00 p.m.
A new ranking of crypto-friendly U.S. states puts New Hampshire at the top despite its steep electricity prices and lack of bitcoin mining activity. The state scores high due to its zero capital gains tax, lack of restrictive crypto regulation and a dense network of crypto-accepting businesses and ATMs.
The study, conducted by digital mining hardware maker ASICKey, evaluated all 50 states using seven weighted factors: capital gains tax, regulatory environment, crypto adoption in business, job availability, ATM density, electricity cost, and mining presence. Tax policy and business usage were given the most weight.
New Hampshire earned the highest score — 71.22 out of 100 — with 4.4 crypto businesses and 9.3 ATMs per 100,000 people. Wyoming followed with a score of 61.89, thanks to the highest blockchain job concentration nationwide (118.4 per 100,000), low energy costs, and minimal regulation.
Nevada, Texas, and Alaska round out the top five. Each state has its own strengths — Nevada's crypto-accepting business sector, Texas’s significant mining footprint, and Alaska's strong blockchain job market — while also benefiting from 0% capital gains taxes.
The study underlines how tax structure and state policy shape the crypto landscape. States with favorable tax codes and clear regulatory paths appear to attract more infrastructure and job creation, while high taxes or unclear rules may slow adoption.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Tom Carreras
Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor's degree in English literature from McGill University, and can usually be found in Costa Rica. He holds BTC above CoinDesk's disclosure threshold of $1,000.
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