By: Franyi Sarmiento, Ph.D., Inspenet, July 12, 2022
The United States ranks first in ATM installation worldwide, as well as in terms of contribution to the hash rate, despite the state and federal regulatory hurdles faced by cryptocurrency businesses in the region.
Since China banned cryptocurrency transactions late last year, the U.S. has played an important role in preserving the Bitcoin (BTC) ecosystem.
Prior to cracking down on BTC mining, China historically accounted for more than 50% of the total hash rate through February 2021. With China out of the market, the United States picked up the slack to become the largest contributor to the BTC hash rate, contributing 37.84% of the total mining power in January 2022.
In addition, the U.S. is home to the largest number of ATM installations, accounting for almost 88% of the total number of cryptocurrency ATM installations worldwide.
More than 90% of the total number of cryptocurrency ATMs installed in recent months are located in the United States. Coin ATM Radar data confirms that the trend continues in July, as 641 of 710 Bitcoin and cryptocurrency ATMs were installed in the United States in the first 10 days of the month.
Further reinforcing North America’s position in the cryptocurrency ecosystem, Canada features the second largest cryptocurrency ATM network after the United States. Outside the Americas, Spain hosts the largest number of cryptocurrency ATMs, 210 or 0.5% of the total number of active ATMs.
This material from the Cointelegraph portal was edited for clarity, style and length.
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