Since China announced its ban on Bitcoin mining earlier this year, the United States has now become a major center for Bitcoin mining. Currently, the United States accounts for the highest Bitcoin mining computing power and is now home to some of the largest Bitcoin mining pools and companies.
Foundry USA, a US-based cryptocurrency mining service provider, has now become the world's second-largest Bitcoin mining pool. The mining pool now accounts for 15.42% of the Bitcoin network's mining power.
The United States leads in Bitcoin network activity
Foundry USA is a subsidiary of Digital Currency Group. It now ranks second behind AntPool, the largest Bitcoin mining pool, which accounts for 17.76% of the total Bitcoin network mining power.
Among the top five Bitcoin mining pools, Foundry USA’s mining reward is 0.09418 Bitcoin, equivalent to about $5,500. Kevin Zhang, vice president of Foundry USA, talked about this, saying: “We redistribute block rewards to miners through full payment per share (FPPS), and our mining pool fee is actually 0%.”
The United States is also leading in the cryptocurrency automated teller machine (ATM) business. Data shows that cryptocurrency ATM operator Bitcoin Depot is now in the lead compared to its counterparts in China.
However, as the U.S. takes the lead in bitcoin mining activity, regulators are calling for more clarity on the market. The U.S. president recently signed an infrastructure bill that would bring crypto transactions under taxation.
China's cryptocurrency mining ban
The growth in cryptocurrency mining and trading activities in the United States can be attributed to China’s recent ban on these activities. Following the Chinese ban, Bitcoin mining companies left China and began to establish bases in the United States, Kazakhstan, and Russia.
Additionally, the Chinese Communist Party recently sought public opinion to make a decision on whether the ban on Bitcoin mining would be relaxed. This news has led to a lot of speculation about whether China will relax its harsh stance on Bitcoin and cryptocurrency mining activities.
China is rapidly losing its lead in Bitcoin mining hashrate. However, the country’s position in the industry is rapidly declining. Most Bitcoin and Ethereum mining companies have already relocated out of China.
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