cryptoknowmics.com
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 network share.
Data from BTC.com showed that digital currency group-owned Foundry USA behind pool leader AntPool by barely 4,000 PH/s, contributing to a 17.76 percent network share at the time of writing, according to a cryptocurrency news portal on Saturday (Nov 20).
Foundry USA Now Becomes Second Largest Bitcoin Mining Pool
According to the report, the spike in American participation can be ascribed to China's recent blanket ban on crypto trading and mining activity.
China's prohibition caused a large-scale movement of local Bitcoin miners to crypto-friendly nations such as the United States, Russia, and Kazakhstan.
Foundry USA received the highest average mining reward of 0.09418116 BTC (almost US$5,500 or about RM23,028.50) for each block, according to the portal, out of the top five mining pools in terms of hash rate distribution.
According to Foundry USA vice president Kevin Zhang, the block pays miners with a full-pay-per-share payout model, with pool fees of 0%. According to the research, American enterprises have also picked up the slack regarding crypto ATM distribution left by China.
Georgia-based Bitcoin Depot had surpassed its Chinese competitors
Coin ATM Radar data showed that Georgia-based Bitcoin Depot had 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.