- 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
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?