Cryptos

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

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The United States, despite state and federal regulatory hurdles facing the digital asset industry in the country, plays a major role in preserving bitcoin and the crypto ecosystem. It maintains the top position for hash rate contribution and crypto ATM facilities in the world.

Prior to the 2021 crackdown, China accounted for over 50% of the total hash rate. But with China no longer in the picture, the US has become the biggest contributor to the BTC hash rate. It accounts for 37.84% of total mining power by January 2022. The United States is also home to the highest number of crypto-ATM installations – accounting for around 88% of total crypto-ATM installations globally .

According to data from Coin ATM Radar, more than 90% of all crypto ATMs installed in the last few months are in the United States. The most democratic nation in the world recorded the installation of 641 of the 710 bitcoin and crypto ATMs installed in the first 10 days of the month.

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

GPU prices fell more than 15% in May on average. This has prompted secondary market sellers to lower their exorbitant prices on used mining rigs.

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