As China withdrew from the competition, the US picked up the slack and became the largest provider of BTC hashrate, accounting for 37.84% of total mining output as of January 2022.
Despite the many state and federal regulatory hurdles facing crypto companies in the region, the United States plays an important role in keeping Bitcoin (BTC) and the crypto ecosystem alive. As China fades from the limelight after a permanent crypto ban, the United States continues to lead in terms of contributing to hash rates and ATM deployments globally.
Before the crackdown on BTC mining, China historically accounted for over 50% of all hashing as of February 2021. As China withdrew from the competition, the US took the doldrums to become the largest provider of BTC hashrate with a 37.84% share. total mining output through January 2022.
Distribution of Bitcoin mining hashrate from September 2019 to January 2022 by country. Source: Statistics
As shown above, Chinese miners resumed operations in September 2021. However, miners in the US continued to dominate the market, increasing their contribution to the hashrate month-on-month.
Distribution of cryptomats by continents and countries. Source: CoinATMRadar
Additionally, the United States has the largest number of installed ATMs, accounting for almost 88% of all crypto ATM installations worldwide. Over 90% of all ATMs installed in recent months are in the United States. Coin ATM Radar data confirms that this trend continues into July, with 641 out of 710 Bitcoin and crypto ATMs installed in the US in the first 10 days of the month.
Canada continues to strengthen North America’s position in the crypto ecosystem, being the second largest crypto ATM network after the US. Outside of the Americas, Spain has the largest number of cryptocurrency ATMs at 210 or 0.5% of the total number of active ATMs.
Related: Global GPU price falls to offset falling bitcoin mining revenue
The combination of global chip shortages and the coronavirus pandemic immediately sent prices skyrocketing for the most important part of a mining rig, the graphics processing unit (GPU). However, as prices dropped below MSRP and hash rates contributed to the decline, miners found an opportunity to purchase their dream mining hardware.
GPU price history over the past year. Source: TechSpot
In May alone, GPU prices fell an average of more than 15%, further forcing sellers in the secondary market to lower their exorbitant prices on used mining rigs.