Despite the federal and state regulatory hurdles faced by crypto companies in the region, the United States plays a major role in maintaining the Bitcoin (BTC) and cryptocurrency ecosystem. With China out of the picture after permaban on cryptocurrency, the US maintains the number one position in terms of hash rate contribution and ATM facilities worldwide.
Before cracking down on bitcoin mining, China historically accounted for more than 50% of the total hash rate through February 2021. With China out of the competition, the United States picked up the slump to become the largest contributor to bitcoin hashrate – accounting for 37.84% of total mining capacity by January 2022.
Bitcoin mining hash rate distribution from September 2019 to January 2022, by country. Source: Statista
As shown above, Chinese miners resumed operations in September 2021. However, US miners continued to dominate the space with the hash rate contribution increasing month on month.
Distribution of encrypted ATMs by continents and countries. Source: CoinATMRadar
In addition, the United States is home to the largest number of ATM installations, accounting for approximately 88% of all crypto ATM installations worldwide. Over 90% of crypto ATMs installed over the past several months are in the United States. Data from Coin ATM Radar confirms that the trend continues through July as the US saw 641 of the 710 Bitcoin installed and crypto ATMs installed in the first 10 days of the month.
On top of strengthening North America’s position in the cryptocurrency ecosystem, Canada has the second largest network of crypto ATMs after the United States. Outside the Americas, Spain has the largest number of crypto ATMs, 210 or 0.5% of the total active ATMs.
Related: Global GPU Price Drops to Make Up for Falling Bitcoin Mining Revenue
The confluence of global chip shortages and the coronavirus pandemic has driven up prices for the most important part of the mining rig – the graphics processing unit (GPU). However, with prices dropping below MSRPs and hash rate complementing the drop, miners found themselves an opportunity to purchase their dream mining equipment.
GPU price trend over the past year. Source: TechSpot
In May alone, GPU prices fell by more than 15% on average, forcing secondary market sellers to cut their exorbitant prices on used mining rigs.