When analysing the development of Bitcoin and Litecoin mining, it is crucial to examine the interest in the mining process over time. According to the graph taken from Google Trends, timespan October 2013 to September 2014, we can observe a significant peak in December 2013 — January 2014 in the fairly stable interest rate of cryptocurrency mining. This peak was caused by Bitcoin’s acceptance by several major mainstream companies (i.e. Overstock), major investment in Bitcoin startups (i.e. Coinbase), increasing coverage of Bitcoin-related news (Wall Street analysts) that cause the increase of Bitcoin price — $1,200 per Bitcoin. In addition, we can see quite evident correlation between the interest in Bitcoin mining and Litecoin mining, which remains constantly proportional.
When it comes to regional interest for Bitcoin mining and Litecoin mining, the geographical similarities are definitely present. Bitcoin mining is more heavily searched in US, Canada, UK, Norway, Sweden, Netherlands, Australia, New Zealand, Poland, South Africa, whereas Litecoin mining is more common in Canada, US, Sweden, Australia, Russia. In general, Bitcoin mining shows signs of higher popularity around the world.
Mining as an industry and Bitcoin as a currency prevail in the search topics. In terms of queries, the interest and the necessity of making calculations significantly dominate, giving ‘bitcoin mining calculator’, ‘mining calculator’, and ‘bitcoin calculator’ leading positions.