Grayscale puts US crypto activity at 15–20% ahead of midterms

Grayscale has estimated that the United States accounts for roughly 15–20% of global crypto activity, arguing that adoption will keep moving forward regardless of the outcome of next week’s midterm elections. Summary Grayscale places the US share of Bitcoin hashrate at 36% and Ethereum full nodes at 31%. Payments, trading, and wallet usage show smaller US shares than mining and network infrastructure. The estimate draws on 14 indicators with different reporting periods and geographic coverage. Cambridge’s mining research provides a separate comparison, with US firms heavily represented in its survey. Grayscale’s report, published Oct. 28 by research head Zach Pandl, presents the figures as part of its case that crypto’s growth extends beyond American politics. Its accompanying chart brings together measures of infrastructure, transactions, ownership and user activity. Grayscale finds the largest US shares in Bitcoin and Ethereum infrastructure Bitcoin mining leads the chart, with the US accounting for an estimated 36% of global hashrate. Ethereum full nodes follow at 31%, while the country’s share of onchain transaction value stands at 26%. US share of global crypto activity by cat...