BALTIMORE, MD—In a recent analysis commemorating National Cryptocurrency Month, Maryland has been recognized as the ninth most accommodating state for cryptocurrency in the United States. This ranking is largely attributed to the state’s remarkable internet speeds and a significant presence of cryptocurrency ATMs. The study, carried out by Duelbits, assessed all 50 states using five critical factors: internet connectivity, electricity pricing, interest in crypto-related searches, and the regulatory environment, all aimed at identifying optimal conditions for digital asset investors and aspiring “blockchain billionaires.” Maryland achieved an index score of 63.43 out of 100.
### Maryland’s High Ranking Driven by Technology
Maryland’s favorable ranking is primarily the result of its advanced technological framework and accessibility to resources: Internet Speed: The state ranks second in the nation for average internet speed, reaching 238.26 Mbps, which is considerably above the national average of 194.44 Mbps. This high-speed connectivity is essential for engaging in data-heavy activities such as cryptocurrency trading and mining. Crypto ATMs: Moreover, Maryland boasts the third-highest ratio of crypto ATMs, with 18.23 per 100,000 residents, surpassing the national average of 10.63. Notably, Baltimore is highlighted as a key center, coming in fifth among U.S. cities with a total of 174 crypto ATMs. Growing Interest: Additionally, residents of Maryland display a strong curiosity towards cryptocurrencies, with Google searches for terms like ‘Binance,’ ‘Buy Crypto,’ and ‘Coinbase’ totaling 62.57 searches per 10,000 people, which is higher than the national average of 59.25.
### Challenges in Regulation and Costs
However, Maryland faces hurdles that may impede its potential for further cryptocurrency growth, as noted in the study: Electricity Expenses: The state ranks 13th in terms of electricity costs, with prices at 18.1 cents per kilowatt-hour (kWh). These elevated energy expenses can deter activities such as cryptocurrency mining, which is energy-intensive. Regulatory Environment: Furthermore, Maryland’s approach to digital assets is considered “less friendly,” primarily due to stringent taxation and regulatory measures. This suggests a more conservative stance compared to states that rank higher in crypto-friendliness. Florida was identified as the top state for cryptocurrency compatibility, while Hawaii was labeled the least favorable.
For residents of Maryland, the findings indicate that while the state presents a highly connected landscape with convenient access to digital currencies via ATMs, individuals must also navigate one of the more challenging regulatory environments and cost structures in the nation.
### State Rankings Summary
| Rank | State | Average Internet Speed (Mbps) | Electricity Costs (cents per kWh) | Monthly Google Search Volume for Crypto (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 |
| … | … | … | … | … | … | … | … |
