Saturday, February 24, 2024

US playing a major role in preserving Bitcoin and crypto ecosystem.

The US, despite state and federal regulatory hurdles facing the digital assets industry in the country, is playing a major role in preserving Bitcoin and the crypto ecosystem. It maintains the top position for hash rate contribution and crypto ATM installations worldwide.

Prior to the crackdown in 2021, China represented over 50% of the total hash rate. But with China no longer in the picture, the United States has emerged as the highest BTC hash rate contributor. It represents 37.84% of the total mining power by January 2022. The US is also home to the highest number of crypto ATM installations – representing about 88% of the total crypto ATM installations worldwide.

According to data from Coin ATM Radar, over 90% of the overall crypto ATMs installed over the past several months are in the US. The world’s topmost democratic nation recorded the installation of 641 out of the 710 Bitcoin and crypto ATMs installed in the first 10 days of the month.

Canada represents the second-largest network of crypto ATMs, and Spain is the third, outside the Americas, with 0.5% that is 210 of the total active ATMs. Analysts pointed out the rising price of the graphics processing unit (GPU) which was attributed to the global chip shortage and the COVID-19 pandemic. Miners found a window of opportunity when prices fell down below MSRPs. They began to procure the desired mining equipment.

GPU prices dropped over 15%, in May, on average. This prompted sellers on the secondary markets to drop their exorbitant prices on used mining rigs.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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