Foundry USA Is The 2nd Biggest BTC Mining Pool Amid China’s Ban

Foundry USA is the second biggest bitcoin mining pool amidst the China ban on mining, with a 15.42% share of the network hash rate and slightly behind AntPool so let’s read more in our latest bitcoin news today.

New York-based crypto-mining service provider Foundy USA is the second biggest BTC mining pool after taking about 15.42% share of the network. The data from BTC.com shows that the Digital currency Group-owned Foundy USA is now behind the leader AntPool by the hash rate of 4,000 PH/s which contributes to about 17.76% of network share. the rise in participation of the USA-based entities can be attributed to China’s ban on crypto trading and mining activities as the ban forced a huge migration of local BTC miners who reside in friendlier jurisdictions like the US, Kazakhstan, and Russia.

According to https://t.co/1YRYr4QCmY, DCG's mining pool Foundry has become the second largest Bitcoin mining pool. China's severe crackdown on Bitcoin mining and the transfer of mining industry to the United States are the core reasons. https://t.co/VjtWgD9Hsp pic.twitter.com/XK9Y19QDrg

— Wu Blockchain (@WuBlockchain) November 20, 2021

Out of the top five mining pools in terms of hash rate, Foundry USA charges the highest average transaction fees per block. American businesses also picked up China’s slack in regards to crypto ATM distribution. Coin ATM Radar data shows that Depot which is a Georgia-based BTC company, overtook its Chinese counterparts to become the world’s biggest crypto ATM operator. Most of the ATM operators are run by American companies which is a growing trend after China’s proactive ban on crypto activities.

Despite the intent to pursue an in-house central bank digital currency, the Chinese Communist Party wanted for some more public opinion on the BC mining ban which sparked controversies around the amendment of the negative stance on BTC and crypto mining activities. However, the data from Statista shows that China’s contribution to the BTC mining hash rate was on a steady decline since 2019. two years ago, China represented about 75% of Bitcoin’s mining hash rate and then reduced it to 46% before banning cryptos. As the US gets closer to mainstream adoption, the regulators wand a higher level of clarity in relation to the new reporting requirements that were put ahead by the Biden administration.

Members of the Republic and Democratic party appealed and wanted to amend the crypto tax reforming rules alogn with a plea to redefine the word “broker” in crypto transactions. Starting from 2024, the infrastructure bill required the general public to declare the digital asset transactions worth more than $10,000 to the IRS but the bill now considers miners and validators, and software developers as brokers.