- Foundry USA has hit a new milestone being the second-largest Bitcoin mining pool
- Chinese Community Party has also sought public opinion on the crypto mining ban
- The recent Chinese blanket ban on cryptocurrency trading and mining activities, a rise in the participation of American entities has been observed
Foundry Digital USA, the Bitcoin mining pool that aims to continue its work in decentralizing BTC’s hashrate by increasing North American’s share in the ecosystem. However, it is worth noting that amid the Chinese crackdown on crypto industry, the country with the majority of global hash rate had lost its domination. Chinese crypto miners began to shift their operations to more suitable locations with regulatory clarity. Hence, after China America began to dominate with the majority of hashes. According to recent data it is known that Foundry USA is now the second-largest Bitcoin mining pool across the world.
Foundry USA achieved new milestone
Foundry USA, the New York-headquartered crypto mining services provider has recently achieved a new milestone. The millennial mining firm takes the lead to become the world’s second-largest BTC mining pool. To achieve the new position, the firm took up a more than 15% share of the Bitcoin network. Furthermore, the data from BTC.com has also revealed that the firm which is owned by Digital Currency Group is following the pool leader AntPool with a hash rate of just 4k Petahash per second (PH/s). Indeed, the hash rate contributes about over 17% network share at press time.
Chinese Communist Party sought public opinion
China has indeed a clear intent to pursue an in house central bank digital currency (CBDC). However, the Chinese Community Party has also sought public opinion on the crypto mining ban. The attempt sparked conversations around the amendment of the government’s negative stance on BTC and crypto mining activities.
Chinese bans forced large scale migration
It is noted that Foundry USA was able to hit a new milestone amid the Chinese crypto ban. According to experts in the cryptosphere, attributing the recent Chinese blanket ban on cryptocurrency trading and mining activities, a rise in the participation of American entities has been observed. Moreover, it is also observed that the ban had forced significant migration of local crypto miners, who went to reside in a crypto-friendly jurisdiction like the US, Russia, and Kazakhstan.
Besides the mining industry, the US has also picked up China;s slack in terms of cryptocurrency ATM distribution. According to data from Coin ATM Radar it is observed that Georgia-based BTC Depot has overtaken its Chinese counterparts. Hence, the Depot has now become the world’s largest cryptocurrency ATM operator. Surprisingly, a majority of crypto ATM operators are run by US entities.
However, it is worth noting that the United States was stepping ahead prior to the ban only. According to data from Statista, China’s Bitcoin mining hash rate contribution was over 75% in 2019. Notably, prior to the ban in April this year, the hash rate dominance of China declined to approximately 46%.
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