• USA has the largest share of hash in the world
• Four percent of US citizens were able to quit their job for crypto earnings
• Younger population clings to cryptocurrencies as a long-term investment
USA: The largest Bitcoin mining nation in the world
As BTC-ECHO reports, the USA is the largest Bitcoin mining nation in the world. As recently as September 2019, China was the leading nation in terms of Bitcoin mining with a hash rate of around 75 percent. The reason for the change in leadership is that the Chinese government has banned both Bitcoin mining and activities related to the coin. Because of the favorable conditions for Bitcoin mining, many miners went to Texas in the United States. In October, the USA finally achieved a hash share of 35 percent, overtaking the former leading nation, which has even lagged behind Germany (4.5 percent) since the government ban, according to BTC-ECHO.
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So many US citizens have been able to quit their jobs for crypto earnings
Surveys by the market research institute CivicScience have now shown that eleven percent of the general US population have either quit their job themselves (four percent) or at least know someone who quit their job (seven percent) because of crypro investments. For this, 6,741 citizens of the USA who are at least 18 years old were surveyed. The largest proportion (37 percent) of those who were able to quit their job because of crypto investments stated that they had an income of between 25,001 and 50,000 US dollars. 27 percent reported an income of less than 25,000 US dollars, 15 percent recorded an income between 50,001 and 75,000 US dollars, 13 percent had an income between 75,001 and 150,000 US dollars and only eight percent have an income over 150,001 US dollars. “These data suggest that crypto investing has brought some life-changing income, while wealthier cryptocurrency owners are using it as another form of wealth diversification rather than a source of income,” said CivicScience. Overall, however, the surveys also show that the wealthiest income groups in particular were much more likely to have been able to acquire more wealth through crypto investments in the past year.
That is why the respondents invest in crypto
When asked, “What is or would your main reason to invest in cryptocurrencies (like Bitcoin or Ethereum) if you did or would?” Replied 28 percent of 17,699 US citizens surveyed over the age of 18 that they would expect their crypto investments to work as long term growth investments. However, 23 percent of respondents see their crypto investments as more of a short-term investment. It also shows that the younger population in particular sees long-term investments in crypto currencies, while “those over 55, with their preference for crypto currencies as a short-term investment, show a much greater financial risk tolerance,” says CivicScience.
E. Schmal / editors finanzen.ch
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