Cryptocurrency mining service provider Foundry USA, based in New York, takes the lead to become the second largest Bitcoin (BTC) mining pool in the world, after taking a share of 15.42% of the network.
Data from BTC.com shows that Foundry USA, owned by Digital Currency Group, lags behind pool leader AntPool with a hash rate of just 4,000 PH / s, which has contributed to a 17.76% network share as of this writing.
The increased participation of US entities can be attributed to China’s recent blanket ban on cryptocurrency trading and mining activities.. The ban forced a large-scale migration of local Bitcoin miners, who now reside in crypto-friendly jurisdictions such as the United States, Russia, and Kazakhstan.
According to https://t.co/1YRYr4QCmY, DCG’s mining pool Foundry has become the second largest Bitcoin mining pool. China’s severe crackdown on Bitcoin mining and the transfer of mining industry to the United States are the core reasons. https://t.co/VjtWgD9Hsp pic.twitter.com/XK9Y19QDrg
– Wu Blockchain (@WuBlockchain) November 20, 2021
According to https://t.co/1YRYr4QCmY, DCG’s Foundry mining pool has become the second largest Bitcoin mining pool. China’s severe crackdown on Bitcoin mining and the transfer of the mining industry to the United States are the main reasons.
Of the top five mining pools in terms of hash rate distribution, Foundry USA charges the highest average transaction fees, of 0.09418116 BTC (almost $ 5,500) per block. American companies have also taken advantage of China’s absence in terms of cryptocurrency ATM distribution.
Coin ATM Radar data shows that Bitcoin Depot, based in Georgia, has surpassed its Chinese counterparts to become the world’s largest cryptocurrency ATM operator. Curiously, most cryptocurrency ATM operators are run by US companies, a more prominent trend following China’s proactive ban on cryptocurrency activities.
Despite the clear intention to get a central bank own digital currency (CBDC), The Chinese Communist Party has also sought public opinion on the Bitcoin mining ban on October 21, which has sparked conversations around modifying the government’s negative stance on Bitcoin and cryptocurrency mining activities.
However, the Statista data confirms that China’s contribution to the Bitcoin mining hash rate has been in steady decline since September 2019. Two decades ago, China accounted for more than 75% of Bitcoin’s mining hash rate, which in April 2021 dropped to 46% before the cryptocurrency ban.
As the United States approaches the widespread adoption of Bitcoin, regulators seek clarity regarding new reporting requirements raised by the Biden administration.
Members of the Republican and Democratic parties have appealed, at different times, to amend crypto tax reporting reforms along with a petition to redefine the word “broker” in cryptocurrency transactions.
Beginning in 2024, the bipartisan infrastructure bill requires the general public to report digital asset transactions worth more than $ 10,000 to the Internal Revenue Service.. The bill currently considers miners and validators, hardware and software developers, and protocol developers as brokers or intermediaries.
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