According to newly released data, the United States has surpassed China as the biggest country for Bitcoin mining. According to the news, the United States accounted for around 35% of the overall mining hashrate. It refers to the overall processing power utilized to mine Bitcoin.
This proportion has risen dramatically in recent months. As of April, America’s contribution was just approximately 16.8 percent, which has already more than quadrupled.
China was formerly the world’s leading mining country, contributing the most. However, a few months ago, the crackdown on miners began when fears about climate change arose, and substantial advances to combat mining began. The global hashrate was reduced as a result of the crackdown since many miners stopped down, which meant that many individuals stepped forward to get a higher block reward. Bitcoin has already faced opposition for its high power usage, which resulted in a crackdown.
With this being said the block reward is also decreasing. In approximately three years, the Bitcoin halving would occur and it would result in a decrease of reward from 6.25 to almost 3.125. The counter can be found here.
India Takes the Lead
According to research, India has the highest number of cryptocurrency holders in the world. BrokerChoose published the findings in its annual proliferation index, which showed that around 100 million individuals own cryptocurrencies. India is rated fifth in terms of population as a proportion of the overall population.
According to one report, India’s market has increased by 641 percent in the last year alone.
It is surprising that so many individuals in India own Bitcoin, given that it is not yet legal in the nation. Various pieces of news have been released in the past that were both pro and con Bitcoin. According to the results of a poll, the majority of individuals have invested in Bitcoin (Btc), Ethereum (Eth), Binance coin (BNB), and XRP.
Bitcoin has risen by roughly 50% in the last several months. It is possible that the price will rise much further. Many exchange sites, like WazirX, offer roughly $1.
At the time of writing, BTC is being traded at the price of $43135. The price has decreased by almost 0.06% in the past 24 hours (It is the same as before).