With China left out of the competition, the US has risen to become the highest BTC hash rate contributor – accounting for 37.84% of total mining capacity in January 2022.
Despite the numerous state and federal regulatory hurdles faced by crypto businesses in the region, the United States plays an important role in preserving the Bitcoin (BTC) and cryptocurrency ecosystem. death. With China cracking down hard on cryptocurrencies, the United States has taken the top spot in terms of hash rate contributions and ATM installations worldwide.
Before the crackdown on BTC mining, China accounted for more than 50% of the total hash rate until February 2021. With China left out of the competition, the US took the opportunity to become a contributor highest BTC hash rate – 37.84% of total mining capacity in January 2022.
As shown above, Chinese miners have not been completely eliminated. However, US miners continue to dominate the space while increasing their hash rate contribution monthly.
Additionally, the United States is home to the highest number of ATM installations, accounting for almost 88% of all crypto ATM installations worldwide. Over 90% of all crypto ATMs installed in the past few months are in the United States. Data from Coin ATM Radar confirms that the trend continued through July as the US saw the installation of 641 out of 710 Bitcoin and crypto ATMs installed in the first 10 days of the month.
Further strengthening North America’s position in the crypto ecosystem, Canada represents the second largest network of crypto ATMs after the United States. Outside of the Americas, Spain has the highest number of crypto ATMs, 210 or 0.5% of the total number of ATMs in operation.
The combination of global chip shortages and the coronavirus pandemic has caused the price of the most important part of a mining rig – the graphics processing unit (GPU) to rise rapidly. However, with the price falling and the hash rate dropping, miners have found an opportunity to buy their dream mining equipment.
In May alone, GPU prices fell by an average of more than 15%, while forcing secondary market sellers to cut exorbitant prices on used mining rigs.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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