BALTIMORE, MD—A new study celebrating National Cryptocurrency Month has named Maryland the ninth most crypto-friendly state in the U.S., driven primarily by its exceptionally fast internet speeds and high concentration of crypto ATMs.
The research, conducted by Duelbits, evaluated all 50 states across five key metrics—including internet speed, electricity costs, crypto-related search interest, and state regulation—to determine the best environments for digital asset enthusiasts and prospective “blockchain billionaires.” The Old Line State earned an index score of 63.43 out of 100.
Fast Internet and ATM Access Boost Maryland’s Score
Maryland’s high ranking is largely due to its robust technological infrastructure and accessibility:
- Internet Speed: Maryland boasts the second-fastest average internet speed in the nation, clocking in at 238.26 Mbps. This is significantly higher than the U.S. average of 194.44 Mbps, providing a necessary foundation for the data-intensive activities required for crypto trading and mining.
- Crypto ATMs: The state has the third-highest number of crypto ATMs per capita in the country, with 18.23 per 100,000 people (compared to the national average of 10.63). Baltimore, specifically, was highlighted as a major hub, ranking fifth among all U.S. cities with a total of 174 available crypto ATMs.
- High Interest: Marylanders also show a strong public interest in the sector, with Google search volume for crypto terms—such as ‘Binance,’ ‘Buy Crypto,’ and ‘Coinbase’—at 62.57 searches per 10,000 people, exceeding the national average of 59.25.
Regulatory Climate and Costs Present Challenges
Despite its digital advantages, the state’s potential for crypto expansion is hampered by two significant factors included in the study’s analysis:
- Electricity Costs: Maryland has the 13th most expensive electricity in the country, priced at 18.1 cents per kilowatt-hour (kWh). High energy costs are a critical deterrent for activities like cryptocurrency mining.
- Regulations: The state’s official position on digital assets was rated as “less friendly” due to a heavier focus on taxation and regulatory scrutiny, suggesting a more cautious approach compared to top-ranked states.
The study named Florida as the overall best state for crypto compatibility, while Hawaii was deemed the most anti-crypto.
For Maryland residents, the study suggests that while the state offers a highly connected environment with easy access to digital currency through ATMs, individuals must navigate one of the nation’s more demanding regulatory and cost structures.
Rank
State
Average Internet
Speed (Mbps)
Electricity Costs
(kWh) (cents)
Monthly Google
Search Volume
for Crypto
Terminology per 10,000
Taxation and
Regulation Attitude
Crypto ATMs
per 100,000
Total Index
Score / 100
1
Florida
232.8
14.31
79.41
Very Friendly
13.13
75.94
2
Nevada
220.91
14.43
82.82
Very Friendly
14.23
75.71
3
Texas
225.74
15.47
61.94
Very Friendly
13.09
70.71
4
Delaware
246.95
16.57
50.38
Moderate
19.77
68.47
5
Washington
201.11
12.21
123.13
Moderate
6.38
67.56
6
Tennessee
205.07
12.8
46.38
Very Friendly
11.58
64.88
7
New Hampshire
217.06
22.62
61.96
Very Friendly
11.57
63.99
8
Virginia
230.49
14.71
70.24
Moderate
11.27
63.99
9
Maryland
238.26
18.1
62.57
Less Friendly
18.23
63.43
10
Missouri
196.43
12.9
51.11
Friendly
14.63
63.04
11
Colorado
219.79
15.31
75.67
Moderate
9.95
62.04
12
Illinois
201.12
15.5
68.51
Moderate
12.53
59.91
13
Alabama
191.88
15.94
43.26
Very Friendly
10.74
59.78
14
Oklahoma
216.91
12.42
43.32
Moderate
13.38
59.74
15
South Dakota
164.71
13.04
45.85
Very Friendly
12.76
59.68
16
Indiana
206.46
15.2
47.25
Moderate
15.44
59.07
17
Utah
218.06
11.81
60.25
Moderate
7.76
58.94
18
North Dakota
171.03
11.7
69.55
Moderate
12.68
58.04
19
Iowa
150.74
12.97
45.32
Moderate
22.43
57.63
20
New Jersey
235.67
19.74
74.96
Less Friendly
9.82
57.54
21
Kansas
186.88
14.33
52.99
Moderate
14.74
57.26
22
North Carolina
197.61
14.1
61.10
Moderate
10.75
57.25
23
Oregon
209.69
14.58
76.59
Less Friendly
10.04
57.24
24
Pennsylvania
204.66
17.18
56.21
Moderate
12.68
57.14
25
South Carolina
199.35
14.34
48.84
Moderate
12.79
56.64
26
Arizona
200.64
15.5
64.73
Moderate
9.44
56.51
27
Louisiana
203.11
11.8
39.82
Moderate
11.14
55.50
28
Nebraska
177.37
11.9
46.32
Moderate
12.86
54.39
29
Arkansas
194.82
12.33
45.43
Moderate
9.33
53.58
30
Ohio
188.2
16.22
50.57
Moderate
11.27
52.97
31
Michigan
193.19
19.3
54.43
Moderate
11.06
52.50
32
Rhode Island
227.1
27.84
58.98
Moderate
9.71
52.27
33
Wisconsin
183.11
17.58
51.10
Moderate
12.08
52.21
34
Wyoming
147.19
13.44
53.78
Very Friendly
5.28
52.20
35
Kentucky
183.31
12.91
39.82
Moderate
10.59
51.48
36
Connecticut
233.88
30.24
66.83
Moderate
6.48
50.73
37
California
223.59
30.62
88.46
Less Friendly
8.09
50.64
38
Mississippi
187.07
13.46
33.54
Moderate
10.30
50.22
39
New Mexico
173.62
14.78
43.42
Moderate
10.14
49.31
40
Massachusetts
218.54
27.4
68.51
Less Friendly
9.60
49.07
41
New York
208.05
22.66
93.97
Less Friendly
1.94
48.97
42
Minnesota
164.68
15.86
57.46
Less Friendly
13.27
48.77
43
Georgia
194.98
14.92
62.54
Moderate
0.86
48.42
44
Maine
173.23
24.87
60.50
Moderate
7.47
44.52
45
West Virginia
164.85
15.32
32.60
Moderate
8.87
44.49
46
Idaho
124.57
11.69
55.31
Moderate
5.65
42.51
47
Montana
129.73
12.77
53.55
Moderate
5.89
42.49
48
Vermont
166.4
22.03
50.27
Moderate
1.23
37.94
49
Alaska
125.09
24.63
62.69
Less Friendly
6.62
33.31
50
Hawaii
146.07
42.49
68.46
Less Friendly
9.89
29.83
Photo by RODNAE Productions from Pexels
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