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US dominates Bitcoin mining with 75.4% hashrate

US dominates Bitcoin mining with 75.4% hashrate

GrafaGrafa2025/04/30 06:20
By:Mahathir Bayena

According to the latest Cambridge survey, the United States has emerged as the dominant force in Bitcoin (CRYPTO:BTC) mining, with 75.4% of the global hashrate.  

The survey, conducted between June and September 2024, confirmed that the US far outpaces other countries in Bitcoin mining activity.  

The data showed that Canada holds the second position with 7.1%, followed by Paraguay, Norway, and Kazakhstan, which have smaller shares.  

However, the survey's US-heavy sample could have skewed the results, and Cambridge acknowledged that the data may not fully represent global Bitcoin mining activity.  

Despite this, the report emphasises the US's significant lead in the sector.  

US Commerce Secretary Howard Lutnick shared that the government is supporting Bitcoin mining through energy autonomy initiatives.  

Lutnick outlined plans for miners to build their own power plants, which could help reduce costs and make mining operations more efficient.  

“We’re going to make it if you want to mine Bitcoin and you find the right place to do it. You can build your own power plant next to it,” Lutnick stated.  

The vision also includes using waste gas from gas fields to power mining operations, cutting energy costs and benefiting the environment.  

“We’re going to turbocharge Bitcoin mining in America,” Lutnick added.  

Bitcoin mining companies are positioning themselves to take advantage of favorable regulatory conditions.  

For instance, Cleanspark, a mining firm, is nearing approval for a new facility in Tennessee, aimed at boosting the US mining sector.  

Despite tariff-related challenges, analysts are optimistic about the sector's growth.  

CoinShares projects that by July 2025, the global Bitcoin hashrate will surpass 1 zettahash per second, with continued expansion expected by 2027.  

At the time of reporting, the Bitcoin price was $94,638.34.

However, tariffs on Southeast Asian mining equipment remain a concern, potentially increasing operational costs.  

Nonetheless, Bitcoin’s role as a hedge against economic uncertainty could drive its future growth.  

“Bitcoin is gaining traction as a reserve asset among several US states,” according to analysts, further solidifying its position.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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