New York-based crypto mining service provider Foundry Usa is the second largest BTC mining pool after capturing around 15.42% of the network’s market share.
Data from BTC.com shows Foundy United States, owned by the Digital Currency Group, is now behind AntPool, led by a hash rate of 4,000 PH / s, which accounts for around 17.76% of the network’s market share. The increase in U.S. company involvement is due to China’s ban on cryptocurrency mining and trading activities, as the ban forced large numbers of local BTC miners to reside in friendlier jurisdictions like the United States, Kazakhstan, and Russia.
According to https://t.co/1YRYr4QCmY, DCG Foundry’s mining pool is the second largest Bitcoin mining pool. China’s crackdown on Bitcoin mining and the relocation of the mining industry to the US are the main reasons. https://t.co/VjtWgD9Hsp pic.twitter.com/XK9Y19QDrg
– Wu-Blockchain (@WuBlockchain) November 20, 2021
Among the top five mining pools for hash rate, Foundry United States charges the highest average transaction fees per block. American companies are also recognizing China’s slowness in distributing crypto ATMs. Coin ATM Radar’s data shows that Depot, a Ga-based BTC company, has overtaken its Chinese counterparts to become the world’s largest crypto ATM operator. Most ATM operators are operated by US companies, which is a growing trend following China’s proactive ban on crypto activities.
Despite its intent to go for a domestic central bank digital currency, the Chinese Communist Party wants more public opinion on the BC mining ban, which has sparked controversy over the overhaul of negative attitudes towards BTC and crypto mining activities. However, data from Statista shows that China’s contribution to BTC mining hash rate has been decreasing since 2019. Two years ago, China accounted for around 75% of Bitcoin’s mining hash rate, then dropped to 46% before the crypto ban. As the United States nears mainstream adoption, regulators will provide a greater level of clarity regarding the new reporting requirements introduced by the Biden administration.
Republicans and Democrats have appealed to change the rules for crypto tax reform with a call to redefine the word “broker” in crypto transactions. Starting in 2024, the Infrastructure Act requires the public to declare digital asset transactions worth more than $ 10,000 to the IRS, but the act now regards miners and validators as software developers rather than brokers.