The United States remains the highest BTC hash rate contributor representing 37.84% of the total mining power by January 2022, according to data compiled by Statista.
Mining is the process that Bitcoin and several other cryptocurrencies use to generate new coins and verify new transactions. It involves vast, decentralized networks of computers around the world that verify and secure blockchains, the virtual ledgers that document cryptocurrency transactions.
In return for contributing their processing power, computers on the network are rewarded with new coins. It’s a virtuous circle – the miners maintain and secure the blockchain, the blockchain awards the coins, the coins provide an incentive for the miners to maintain the blockchain.
As you can see in the chart below from Statista, China has been the leader in bitcoin mining since September 2019.
However, since late 2020 , China’s numbers began declining, going into 2021, as the nation ramped up a crackdown on crypto miners. This culminated in zero activity in July and August 2021, where we can now see the United States emerge as the leader in mining activity.
Even when Chinese miners resumed operations in September 2021, the miners in the US continued to dominate the space while increasing their hash rate contribution month-over-month. Besides the above chart, you can read more about this activity from our reporting on the Chinese crypto crackdowns in 2021.
Besides mining activity, the US is also reportedly home to the highest number of ATM installations, representing nearly 88% of the total crypto ATM installations worldwide.
Data from Coin ATM Radar confirms that the trend continues to July as the US saw 641 out of the 710 Bitcoin and crypto ATMs installed in June 2022.