- 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
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: SHIB, Pi Network and DOGE emerge as top gainers as Bitcoin crosses $2T market cap
Bitcoin price hits $105,800, claiming the $2 trillion valuation milestone, after US and China confirmed a temporary trade agreement to lower tariffs. Shiba Inu, Pi Network and Dogecoin emerge as top gainers among the 20 main crypto assets.
Dogecoin price 40% surge tests crucial resistance amid easing trade tensions
Dogecoin (DOGE) rally gains bullish momentum to exchange hands at $0.25 at the time of writing on Monday. Since the tariff-triggered crash on April 7, the largest meme coin by market capitalization has edged higher on easing trade tensions.
Bitcoin Price Forecast: BTC edges closer to all-time high as US-China trade deal cheers markets
Bitcoin price stabilizes around $104,000 on Monday after rallying 10.44% the previous week. Risk-on gains traction as the US and China agree to major tariff reductions for 90 days.
Sui eyes new record high as network redefines AI, gaming and DeFi
Sui price tests above $4.00 for the first time since early February, upholding a broad-based bullish momentum. Sui is crafting a new ecosystem, redefining how builders and users interact with AI, Gaming and DeFi.
Bitcoin: BTC bulls aim for $105,000 after nearly 10% weekly gains
Bitcoin price stabilizes around $103,000 on Friday after rallying nearly 10% this week. Risk-on sentiment prevails as Trump announced a trade deal with the UK and ahead of the meeting with China this weekend.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.