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

Data from BTC.com shows that Digital Currency Group-owned Foundry USA stands behind the pool leader AntPool by a hash rate of just 4,000 PH/s, which contributed to a 17.76% network share at the time of writing. The rise in the…

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

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Data from BTC.com shows that Digital Currency Group-owned Foundry USA stands behind the pool leader AntPool by a hash rate of just 4,000 PH/s, which contributed to a 17.76% network share at the time of writing.

The rise in the participation of American entities can be attributed to China’s recent blanket ban on crypto trading and mining activities. The ban forced a large-scale migration of local Bitcoin miners, who now reside in crypto-friendly jurisdictions including the United States, Russia, and Kazakhstan.

Out of the top five mining pools in terms of hash rate distribution, Foundry USA earns the highest average mining rewards of 0.09418116 BTC (nearly $5,500) per block. According to the VP of Foundry USA, Kevin Zhang, ‘we redistribute the block reward to miners via a Full-Pay-Per-Share (FPPS) payout scheme, and our pool fees are actually 0%.’ American businesses have also picked up China’s slack in terms of crypto ATM distribution.

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