The United States dominates cryptocurrencies and BTC hash rates worldwide

by Arthur · July 9, 2022

Despite the myriad of state and federal regulatory barriers that crypto companies in the region face, the United States plays an important role in preserving Bitcoin (BTC) and the crypto ecosystem. With China moving out of the picture after a permaban on crypto, the United States maintains the top spot in terms of hash rate contributions and ATM installations worldwide.

Before settling on BTC mining, China historically represented over 50% of the total hash rate until February 2021. With China out of competition, the US took the slack to become the highest BTC hash rate contributor – which represents 37.84% of the total mining power by January 2022.

Distribution of Bitcoin mining hash rate 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 site as they increased their hash rate contribution month by month.

Crypto-ATM distribution by continents and countries. Source: CoinATMRadar

In addition, the United States is home to the highest number of ATM installations, and represents almost 88% of the total ATM installations worldwide. Over 90% of the total crypto-ATMs installed in recent months are in the United States. Data from Coin ATM Radar confirms that the trend continues until July when the US saw the installation of 641 of the 710 Bitcoin and crypto ATMs installed during the first 10 days of the month.

To further strengthen North America’s position in the cryptoecosystem, Canada represents the second largest network of cryptocurrencies after the United States. Outside the Americas, Spain houses the highest number of cryptocurrencies, 210 or 0.5% of the total active ATMs.

Related: Global GPU price falls to compensate for falling Bitcoin mining revenues

The confluence of a global chip shortage and the coronavirus pandemic momentarily pushed up the prices of the most important part of a mining rig – the graphics processing unit (GPU). But with prices falling below the MSRP and a hash rate complimenting the fall, miners found a window with the opportunity to acquire the dream equipment for mining.