While the United States might be angling state regulations in cryptocurrency – with federal legislation offering obstacles to adopting blockchain-based assets – the country is still a significant player in the industry. As it stands, the United States is sitting as the leading country in cryptocurrency ATM installations as well as Bitcoin hash rate in the world.
Bitcoin hash rate
Before there was a blanket ban slapped on cryptocurrency activity in China, it represented more than half of the total hash rate in cryptocurrency. When the crackdown on the industry happened, the United States stepped up as the world’s highest contributor in the Bitcoin hash rate, making up nearly 38% of the total mining power.
Cryptocurrency ATMs across the world
The United States also dominates the cryptocurrency ATM installations in the world, making up a whopping 87.9% of the total crypto ATMs currently installed in the world. Using Coin ATM Radar’s data, we also see that the growth of crypto ATMs in America is steadily increasing the number of installations in the country. In the past few months, the United States makes up a massive 90% of Bitcoin ATMs that have been installed in the past few months – and the industry is showing no signs of slowing down.
North America overall represents a significant part of crypto ATMs in the world, with Canada standing as the second leading country for Bitcoin ATM installation in the world. The third country – Spain – only represents 0.5% of all ATMs in the world; a fraction compared to the North American region.
If the United States continues to dominate the cryptocurrency hash rate and cryptocurrency ATM installations, we might see friendlier regulation for the country on the way. Countries like Switzerland and Malta are Bitcoin and cryptocurrency hubs, and we saw blockchain firms and projects flock to the friendly regions at the height of the bull run of 2018. If the United States can regulate the space without crippling the innovation in the industry, America overall might be one of the next strongest cryptocurrency hubs.