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Bitcoin

Foundry USA is the second largest BTC mining pool amid the Chinese ban

November 20, 2021 - Around 3 mins mins to read

Foundry USA, mining pool, China, ban

Foundry Usa is the second largest Bitcoin mining pool amid China’s mining ban, at 15.42% of the network’s hash rate, and slightly behind AntPool. So read more on our latest bitcoin news today.

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.

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.

Foundry USA becomes second-largest Bitcoin mining pool amid China ban By Cointelegraph

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.

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#Mining

American foundry

China ban

Mining #Bitcoin

Mining BTC

Mining group

second largest mining pool

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Bitcoin

Foundry USA is the second largest BTC mining pool amid the Chinese ban

Foundry USA, mining pool, China, ban

Foundry Usa is the second largest Bitcoin mining pool amid China’s mining ban, at 15.42% of the network’s hash rate, and slightly behind AntPool. So read more on our latest bitcoin news today.

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.

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.

Foundry USA becomes second-largest Bitcoin mining pool amid China ban By Cointelegraph

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.

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