Despite the myriad state and federal regulatory hurdles facing cryptocurrency businesses in the region, the United States plays an important role in preserving the Bitcoin (BTC) and cryptocurrency ecosystem. With China exiting the scene following the cryptocurrency ban, The United States maintains the first position in terms of contribution to the hash rate and the installation of ATMs worldwide.
Before cracking down on BTC mining, China historically accounted for over 50% of the total hash rate as of February 2021. With China out of the running, the United States picked up the slack to become the largest contributor to the BTC hash rate, contributing 37.84% of the total mining power in January 2022.
As shown in the graph above, Chinese miners resumed operations in September 2021. Nevertheless, US miners continued to dominate the space while increasing their contribution to hash rate month over month.
Also, The US is home to the largest number of ATM installationswhich account for almost 88% of total cryptocurrency ATM installations worldwide. More than 90% of all cryptocurrency ATMs installed in recent months are in the United States. Data from Coin ATM Radar confirms that the trend continues in July, with 641 of the 710 Bitcoin and cryptocurrency ATMs installed in the United States in the first 10 days of the month.
Further strengthening North America’s position in the cryptocurrency ecosystem, Canada Unveils Second Largest Cryptocurrency ATM Network After the United States. Outside of the Americas, Spain is home to the largest number of cryptocurrency ATMs, 210 or 0.5% of total active ATMs.
The confluence of the global chip shortage and the coronavirus pandemic momentarily sent prices skyrocketing for the most important part of a mining rig: the graphics processing unit (GPU). Nevertheless, With prices falling below the manufacturer’s recommended retail price and a hash rate to complement the drop, miners found themselves with a window of opportunity to acquire the mining equipment of their dreams..
Only in May GPU prices fell more than 15% on averageforcing secondary market sellers to lower their exorbitant prices for used mining equipment.
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