Foundry USA has become the second-largest Bitcoin mining pool after earning a 15.42% share of the network. The New York firm incomes after AntPool, which it lost to by a hash rate of 4000 PH/s. AntPool has taken up a share of 17.76%.
American businesses are dominating the mining market since China banned cryptocurrency
American entities have come to participate more in the market because of China’s ban on crypto. Because of the ban, many crypto-related enterprises had to migrate to more friendly areas such as Russia, the U.S, and Kazakhstan.
Foundry is one of the five most prominent mining pools. It earns the most mining rewards of 0.09418116 Bitcoins which translates to $5500 per block. Kevin Zhang, the Vice President of Foundry USA, states that the firm distributes the rewards to the miners through a Full-Pay-Per-Share scheme. Their pool fees are also 0%.
American businesses have also taken China’s place in Crypto ATM distribution. Bitcoin Depot, Georgia, has become the most prominent crypto ATM operator in the world. In addition, American firms have run crypto ATM operators since China banned cryptocurrency.
China was experiencing a decline in crypto mining before the ban
The Chinese Communist Party intends to develop China’s Central Bank Digital Currency. Despite this, it has now turned to the public for its views on the ban. The move has ignited conversations on whether the Chinese government could change its stance on Bitcoin and other crypto mining activities.
Even before the ban, China’s contribution to the hash rate was on the decline. While it had taken up about 75% of the mining hash rate in September 2019, this number had dropped to 46% in April 2021. China banned the currency as it thought that crypto mining would hinder it from achieving its carbon emission goals.
The U.S is getting closer to making Bitcoin mainstream. As a result, regulators are looking to the Biden administration on guidelines for reporting on cryptocurrency. Both Democrats and Republicans have appealed to amend the reporting reforms for crypto and made a plea to define ‘broker’ by crypto standards.
The bipartisan infrastructure bill will require people to report digital assets over $10,000 to the Internal Revenue Service (IRS) by 2024. Currently, protocol developers, software developers, hardware developers, validating, and miners are referred to as brokers under the bill.