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The USA is now a major hub for Bitcoin mining since China announced the ban of the activity earlier this year. Currently, the US accounts for the highest Bitcoin mining hash rate, and it is now home to some of the largest Bitcoin mining pools and companies.
Foundry USA, a crypto mining service provider based in the US, has now taken the position of the second-largest Bitcoin mining pool globally. The pool now accounts for 15.42% of the Bitcoin network mining hash rate.
The US taking the lead in Bitcoin network activity
Foundry USA is an affiliate of Digital Currency Group. It is now coming in second from AntPool, the largest Bitcoin mining pool that accounts for 17.76% of the entire Bitcoin network mining hash rate.
Among the top five Bitcoin mining pools, Foundry USA earns a 0.09418 mining reward, equivalent to around $5500. The VP of Foundry USA, Kevin Zhang, spoke of this stating, “we redistribute the block reward to miners via a Full-Pay-Per-Share (FPPS) payout scheme, and our pool fees are actually 0%.”
The other area where the US is also taking the lead is in crypto ATM operations. Data shows that Bitcoin Depot, a crypto ATM operator, is now taking the lead compared to its Chinese counterparts.
However, as the US takes the lead in Bitcoin mining activities, regulators call for more clarity about the market. The US president recently signed the Infrastructure bill into law to bring taxation into crypto transactions.
China crypto mining ban
The rise in crypto mining and trading activities in the US can be attributed to China’s recent ban on these activities. Following the Chinese ban, Bitcoin mining firms moved from the country and started establishing a base in the United States, Kazakhstan and Russia.
Moreover, the Chinese Communist Party recently sought a public opinion regarding the Bitcoin mining ban. The news created much speculation about whether China would relax its harsh stance on Bitcoin and crypto mining activities.
China is fast losing its top position in the Bitcoin mining hash rate. However, the country is fast losing its position in the sector. A majority of Bitcoin and Ethereum mining firms have already moved from China.
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