Bitcoin Floats Above $57,000 as US Becomes Top Spot for Mining

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Created by TradeOr

3rd Party Analysis 14 Oct 2021

Key Takeaways:

  • Bitcoin price keeps steady above $57,000 on Thursday, floating at a monthly high
  • The US overtakes China to become the biggest mining hub for Bitcoin

What’s Today’s News in Crypto?

For the first time ever, China is no longer the biggest source of bitcoin mining. Two months after Beijing officially introduced its harshest crypto ban, the US has taken the lead. In detail, new data from Cambridge University released Wednesday, revealed the US held one-third of the global hash rate in August.

In other words, hash rate is the term used to describe the computational power needed to mine, or create, bitcoin. On that note, as much as 35% of the collective computing power of miners has been concentrated in the US. The August number means the hash rate in the US has increased more than 400% from the same month a year ago.

In contrast, China now contributes virtually zero to the mining efforts in the crypto industry. That’s effectively a result of a large-scale crypto crackdown from Chinese officials this year. In practice, miners in China started seeking outside shelters in May as a response to Beijing’s new rules.

What’s the Price of Bitcoin?

Against that backdrop, the price of bitcoin experienced a strong upside swing on Wednesday and early Thursday to reach above $58,500. Prior, the original cryptocurrency was hovering near or below $55,000 as market momentum was waning.

On Thursday, the digital currency is trading relatively unchanged, presently gravitating toward $57,500 per token. That said, crypto proponents maintain their optimistic forecast that bitcoin will continue its positive performance.

How to Buy Bitcoin?

Buying bitcoin has become fairly easy as access has now expanded. To this end, if you’re looking to purchase yourself some bitcoin and experience the thrill of volatility, you can do so easily. Simply head over to our comprehensive guide on How to Buy Bitcoin where you’ll learn the basic steps.

How to Buy Alternative Coins?

Furthermore, alternative coins are also performing well this month. Ether, the second-biggest cryptocurrency, has gained about 22% since Oct. 1. According to many, the future of the Ethereum network is looking bright. With that in mind, you can also research alternative coins if you’re looking to diversify your investment portfolio.