US now holds over 35% of BTC hash rate while regulators debate Bitcoin ETF
|- Post China’s crackdown on cryptocurrencies, miners fled to the United States, the newest BTC mining hub.
- SEC’s first response date for Bitcoin ETFs is October 18; traders await acceptance with a bullish outlook for BTC price.
- China’s share in the Bitcoin mining landscape drops to zero, the US, Kazakhstan, Canada and Russia account for over 81%.
Bitcoin’s mining hub has shifted out of China into the USA. Following “The Great Migration,” mining companies arrived in the United States, reducing their carbon footprint.
The US emerges as a new Bitcoin mining hub
The United States has emerged as the new top location for Bitcoin mining, based on the University of Cambridge’s “Cambridge Centre for Alternative Finance.” China remained the undisputed superpower for years before Beijing’s cryptocurrency crackdown.
As of July 2021, over a third of Bitcoin’s hashrate was located in the US. The US currently accounts for over 35.4% of the BTC network hashrate.
A year ago, the US accounted for nearly 4.2% in 2029. Based on the data from Cambridge, Kazakhstan accounts for 18.1%, Russia for 11.2% and Canada for 9.6%.
From accounting for 67% of the hashrate, China’s share has plummeted to 0%. Beijing’s crackdown was quick to send miners to new locations worldwide.
The emergence of the US as a mining hub has happened alongside several applications that were turned in for the Bitcoin ETF.
According to Arcane’s research, the next date for SEC’s decision on Bitcoin’s ETF is October 18. Proponents are awaiting approval on the following Bitcoin ETF.
Pseudonymous cryptocurrency analyst @filbfilb tweeted:
With dates /
— filbfilb (@filbfilb) October 13, 2021
Credit Arcane Research. pic.twitter.com/q5arBAdaOp
With dates /
— filbfilb (@filbfilb) October 13, 2021
Credit Arcane Research. pic.twitter.com/q5arBAdaOp
The analyst is of the opinion that Bitcoin’s price will rally following the approval of ETFs. He shared the targets for the price rally and expected the BTC price to climb up with every approval.
FXStreet analysts have evaluated the BTC price trend and predicted that the asset is primed to hit a new all-time high despite the current volatility.
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