Foundry USA becomes second biggest Bitcoin mining pool

Foundry USA has become the world’s second-largest Bitcoin (BTC) mining pool with the organization now holding 15.42% of the network, according to data from BTC.com.

The US-based group is second only to AntPool and is short of just around 4,000 PH/s to catch up with the leader.

Foundry has been able to establish a stronger footprint in BTC mining since the blanket ban on all crypto transactions, and mining in China earlier this year.

Authorities in Beijing issued a second warning last week, cautioning state-owned firms in the country to desist from participating in crypto mining operations.

BTC miners faced an exodus to other countries, such as Kazakhstan, Russia and the US. This event was met with a more crypto-friendly stance in the US where the mayors of New York and Miami urged businesses and the public to come together around the idea of building a crypto-future fueled by green and renewable energy.

Foundry USA offers some distinct rewards to participants. For one, the mining rewards of 0.09418116 BTC means that miners get $5,500 in mining rewards per block.

Foundry USA VP Kevin Zhang said that miners are rewarded using a full-pay-per-share (FPPS) payout scheme and that pool fees are close to zero.

While global mining pools have been able to gather momentum after the ban, the BTC hash rate in China has been in decline since September 2019. This has enabled the industry to shift away from a predominantly Chinese mining ecosystem where miners and operations based in the country accounted for 75% of the global mining hash rate.

While the US is still conflicted on how it should moderate BTC, a growing consensus among legislators is heard that cryptocurrencies should be taxed.

A new bill also proposes that digital transactions exceeding $10,000 should be declared to the Internal Revenue Service, in the same way that FIAT payments are now regulated by the Bank Secrecy Act in the country.

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Updated: 11/22/2021 — 23:00

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