Foundry USA becomes the second largest Bitcoin mining pool under China ban

Foundry USA, a New York-based crypto mining service provider, took the lead in becoming the world’s second largest Bitcoin (Bitcoin) After the mining pool occupies 15.42% of the network share.

data According to data from BTC.com, Foundry USA under the Digital Currency Group lags behind the mining pool leader AntPool with a hash rate of only 4,000 PH/s, contributing 17.76% of the network share at the time of writing.

The increase in the participation of American entities can be attributed to China’s recent total ban on crypto trading and mining activities. The ban forced local Bitcoin miners to migrate on a large scale, Who currently lives in a crypto-friendly jurisdiction Including the United States, Russia and Kazakhstan.

Among the top five mining pools in terms of hash rate distribution, Foundry USA charges the highest average transaction fee, which is 0.09418116 BTC (nearly $5,500) per block. American companies have also made up for China’s shortcomings in encrypted ATM distribution.

Coin ATM radar data It shows that the Bitcoin warehouse headquartered in Georgia has surpassed its Chinese counterparts to become the world’s largest cryptocurrency ATM operator. Interestingly, most encrypted ATM operators are operated by American companies, and this trend has become more prominent after China took the initiative to ban encryption activities.

Although the intention is clear Pursue internal central bank digital currency (CBDC), the Communist Party of China also solicited public opinion on the Bitcoin mining ban on October 21, which sparked discussions around revising the government’s negative stance on Bitcoin and cryptocurrency mining activities.

However, Statista’s data It is confirmed that China’s contribution to Bitcoin mining power has been steadily declining since September 2019. Twenty years ago, China accounted for more than 75% of Bitcoin mining power, and by April 2021, it fell to 46% before banning cryptocurrencies.

related: U.S. legislators propose a bill to “fix” the encryption reporting requirements in the Infrastructure Act

As the U.S. approaches mainstream adoption of Bitcoin, regulators seek clarification New reporting requirements from the Biden administration.

Members of the Republicans and Democrats have called on different occasions to revise the crypto tax report reform and to redefine the term “broker” in crypto transactions.

Starting in 2024, the bipartisan infrastructure bill requires the public to declare digital asset transactions worth more than $10,000 to the IRS. The bill currently treats miners and verifiers, hardware and software developers, and protocol developers as brokers.