Foundry USA Secured 2nd Spot In Top Bitcoin mining pool Globally Amind China Ban

By Tracy Hannes | November 22, 2021

New York-headquartered crypto-mining service provider Foundry USA is reportedly the first in line to secure the second spot of the biggest Bitcoin (BTC) mining pool globally. 

Specifically, following a 15.42% takeover of the share of the network, Foundry USA is closing in on the second position in the list. 

Insights from BTC.com reportedly suggested that Digital Currency Group-owned Foundry USA is reportedly the entity supporting the pool leader AntPool by a hash rate of just 4,000 PH/s, which contributed to a 17.76% network share at the time of writing.

The increase in terms of participation recorded from US-based establishments can reportedly be explained by China’s recent blanket ban on crypto trading and mining activities. 

The ban has led to a large-scale migration of local Bitcoin miners, who now have moved their operations to jurisdiction with a more pro-crypto attitude, nominally the United States, Russia, and Kazakhstan.

Out of the top five mining pools – hash rate distribution-wise – Foundry USA generates the top one average mining reward of 0.09418116 BTC (approximately $5,500) for every block. 

“We redistribute the block reward to miners via a Full-Pay-Per-Share (FPPS) payout scheme, and our pool fees are actually 0%” the VP of Foundry USA, Kevin Zhang, further remarked. 

Coin ATM Radar insights suggested that Bitcoin Depot from Georgia has reportedly surpassed its Chinese counterpart to sit on the top of the crypto ATM operator list globally. 

Regardless of the clear plan of pursuing an in-house central bank digital currency (CBDC), the Chinese Communist Party has further consulted feedback from the general audience for the crypto mining ban on October 21st. 

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