Bitcoin’s cyclical fall became much worse with the recent failure of the algorithmic stablecoin TerraUST and Luna.
The price of bitcoin measured in US dollars has decreased by approximately half in the last six months and was trading at $29,200 as of writing.
According to the study, the United States continues to be the largest bitcoin mining centre in the world, surpassing competitors in terms of hashrate growth.
Gary Gensler, who works for the Securities and Exchange Commission, said in October 2021 that the United States would not prohibit cryptocurrencies. This is despite the fact that policymakers are having a difficult time adopting laws in the space.
USA Bitcoin Mining Hashrate Breakup By States
According to the CCAF Reports
The states of Georgia (30.76 percent)
Texas (11.22 percent)
Kentucky (10.93 percent)
three states are responsible for more than half of the hashrate generated by bitcoin mining in the United States. This is possible because these states have “access to relatively low-cost energy,” “available hosting capacity,” and “the implementation of favourable legislation.”
the states of New York (9.77 percent)
California (7.9 percent)
North Carolina (4.7 percent)
Washington (4.1 percent)
Despite this, speculators are staying away from cryptocurrencies and risk assets in general owing to a variety of macro headwinds. These headwinds include increasing interest rates, rising inflation, tighter monetary policy, and a scarcity of liquidity.