Foundry, situated in New York, USA has contributed 15.42% of the network hash rate and is only 4,000 PH/s behind AntPool.
Foundry USA, a crypto-mining service provider based in New York, has taken over as the world’s second-largest Bitcoin (BTC) mining pool, with a 15.42 percent share of the network.
According to data BTC.com, Digital Currency Group-owned Foundry USA trails pool leader AntPool by only 4,000 PH/s, contributing to a 17.76 percent network share at the time of writing.
The growth in American participation can be ascribed to China’s recent blanket ban on cryptocurrency trade and mining. The restriction prompted a mass exodus of local Bitcoin miners, who now reside in crypto-friendly nations such as the United States, Russia, and Kazakhstan.
Foundry USA receives the highest average mining payouts of 0.09418116 BTC (almost $5,500) for each block out of the top five mining pools in terms of hash rate distribution. “We redistribute the block reward to miners via a Full-Pay-Per-Share (FPPS) payout scheme, and our pool costs are truly 0%,” says Kevin Zhang, Foundry USA’s VP. In terms of crypto ATM distribution, American enterprises have also filled up the slack left by China.
According to Coin ATM Radar statistics, Georgia’s Bitcoin Depot has surpassed its Chinese competitors to become the world’s largest crypto ATM operator. Surprisingly, American companies manage the bulk of crypto ATMs, a pattern that has become more prevalent since China’s preemptive restriction on crypto operations.
Despite its stated intention to develop an in-house central bank digital currency (CBDC), the Chinese Communist Party sought public input on the Bitcoin mining ban on Oct. 21, sparking discussions over the government’s negative stance on Bitcoin and cryptocurrency mining.
China’s contribution to the Bitcoin mining hash rate, on the other hand, has been steadily declining since September 2019, according to Statista data. China accounted for almost 75% of the Bitcoin mining hash rate two years ago, but by April 2021, it had dropped to 46%, just before the cryptocurrency ban.
As the United States moves closer to mass usage of Bitcoin, regulators are seeking clarification on the Biden administration’s new reporting requirements.
Members of the Republic and Democratic parties have made multiple requests to change the crypto tax reporting regulations, as well as a request to redefine the term “broker” in cryptocurrency transactions.
Also Read: The IRS Seized $3.5B In Cryptocurrency Assets In This Financial Year 2021.
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