US Bitcoin (BTC) Mining Dominance Expands, Accounting for 75.4% of the Global Hashrate

According to the latest Cambridge survey, the US has firmly established itself as the world's largest Bitcoin (BTC) mining hub, accounting for 75.4% of the reported hashrate.

The United States is now the largest bitcoin (BTC) mining hub, at least according to the latest Cambridge survey. It is sti ll a matter of debate.

According to recent findings from the Cambridge Centre for Alternative Finance (CCAF), the US accounted for a staggering 75.4% of the reported hashrate.

The survey, conducted between June and September 2024, reached 49 out of 97 companies, registering a 50.5% response rate.

The report highlighted the US’s significant presence in Bitcoin mining compared to other countries.

“Survey results further indicate that the US has solidified its position as the largest global mining hub (75.4% of reported activity). Canada follows with 7.1%, Paraguay with 3.4%, Norway with 2.8%, and Kazakhstan with 2.6% of the reported hashrate,” the report stated.

However, due to the predominantly US-based sample of respondents, the survey’s findings may not fully capture the true global distribution of Bitcoin mining.

As a result, Cambridge acknowledged that the data may overestimate US activity and underestimate activity in other countries.

Indeed, the latest data from the Hashrate Index showed that the US only accounts for 36.0% of the global hashrate.

But the US is looking to expand its footprint in the industry even further. Recently, US Commerce Secretary Howard Lutnick spoke about the nation’s vision to boost the mining industry.

Speaking about the Commerce Department’s investment accelerator initiative, which is a key resource to help miners gain greater autonomy over their energy needs, Lutnick shared President Biden’s vision for forging a brighter future for generations to come.

The initiative, announced in March following President Trump’s executive order establishing the “United States Investment Accelerator,” aims to streamline regulatory processes and facilitate investments above $1 billion.

In an interview with Blockware Impact, Lutnick highlighted the benefits of the investment accelerator for miners.

“We’re going to make it so that 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 and they’ll cut through the red tape.”

Secretary Lutnick’s vision is to see Bitcoin mining companies become more independent from traditional energy grids.

A notable aspect of this vision is using waste gas from gas fields to power mining operations, which could lower energy costs and reduce environmental impact.

By controlling their energy supply, miners would have the flexibility to manage costs more effectively, which could ultimately boost bitcoin mining in America.

“They’ll have the ability to buy the best technology and really create an industry that is second to none. And I think that next generation of miners in America will be able to control their destiny, control the cost of power, and I think that is going to turbocharge bitcoin mining in America.”

As Lutnick’s vision unfolds, companies are already taking steps to capitalize on the favorable conditions.

Cleanspark (NYSE: CLSK), a Bitcoin mining company, is nearing the approval of a new facility in Tennessee, expanding on the strength of the US mining sector.

This project is poised to capitalize on the favorable regulatory climate and access to energy resources in the US to integrate a new facility.

The crypto sector has also seen interest from high-profile figures, such as Eric and Donald Trump Jr., who are joining forces with Hut 8 (TSX: HUT8)(NASDAQ: HUT) to launch American Bitcoin Corp.

This new venture will focus on large-scale bitcoin mining and building a strategic reserve. The firm is also planning to pursue a public listing.