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Monday, December 6, 2021

Foundry USA Has Come Out On Top

Foundry USA, a crypto-mining service provider based in New York, has taken the lead to transform into the second largest mining pool for Bitcoin. This came after the provider took up around 15.42% share of the entire network.

According to data recovered from BTC.com, it can be understood that Digital Currency Group-owned mining provider stands behind the leader of the pool- AntPool, simply with a hash rate of around 4,000 PH/s, which would definitely contribute to a network share of 17.76% currently. 

Foundry USA Has Secured The Bag

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This rise in the participation of American enterprises does seem to point towards the influence of China’s recent blanket ban on mining as well as crypto-trading activities. The ban forced them to create a large-scale exodus of local miners of Bitcoin- who have now taken up residence in more crypto-friendly jurisdictions including the United States, Kazakhstan, and Russia.

Out of the five top mining pools in the country, Foundry USA has been earning the highest average mining rewards of around 0.09418116 BTC for every single block. According to Kevin Zhang, the VP of the company, they have been redistributing the block reward completely to miners through an FPPS payout scheme- with the pool fees at 0%. 

With the country moving towards the mainstream adoption of Bitcoin- courtesy of such mining providers like Foundry USA- the regulators have been looking towards seeking more clarity with relation to the new requirements in place that have been put up by the Biden administration. 

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Many members of the Democratic and Republican parties have gone about appealing, in several different occasions, to go about and mend the crypto tax reporting reforms which would also redefine the word ‘broker’ to legitimize mining providers such as Foundry USA.

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