Foundry USA contributed to a 15.42% share of the network hash rate and, it is just 4,000 PH/s behind AntPool.
Data from BTC.com shows that Digital Currency Group-owned Foundry USA stands behind 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 rise in the participation of American entities can be attributed to China’s recent blanket ban on crypto trading and mining activities. The ban forced a large-scale migration of local Bitcoin miners, who now reside in crypto-friendly jurisdictions including the United States, Russia, and Kazakhstan.
Out of the top five mining pools in terms of hash rate distribution, Foundry USA earns the highest average mining rewards of 0.09418116 BTC (nearly $5,500) per block. According to the VP of Foundry USA, Kevin Zhang, “we redistribute the block reward to miners via a Full-Pay-Per-Share (FPPS) payout scheme, and our pool fees are 0%.” American businesses have also picked up China’s slack in terms of crypto ATM distribution.
According to the Coin ATM Radar data, which shows that the Georgia-based Bitcoin Depot has overtaken its Chinese counterparts to become the world’s biggest crypto ATM operator. Interestingly enough, a majority of the crypto ATM operators are run by American companies, a trend more prominent after China’s proactive ban on crypto activities.
Despite the clear intent to pursue an in-house central bank digital currency (CBDC), the Chinese Communist Party has also sought public opinion on the Bitcoin mining ban on Oct. 21, which has also sparked the conversations around the amendment of the government’s negative stance on Bitcoin and cryptocurrency mining activities.
