Foundry USA has recently found itself in the crypto-headlines for adding a new badge to its achievement board. Foundry USA, a cryptocurrency mining service provider based in New York has achieved a new milestone in the cryptocurrency mining sector.
According to reports, Foundry USA has recently become the second-largest mining pool for Bitcoin. The data from the on-chain data analyzing firms shows that Foundry USA is now generating 15.42% of the total mining power for Bitcoin.
The firm that has recently shared the information with the entire cryptocurrency community is BTC.com. The data collected and shared by BTC.com shows that Foundry USA is now second in command after AntPool.
AntPool currently represents the largest mining pool for Bitcoin, which currently generates 17.76% of the total mining power for Bitcoin. The data shows that Antpool has the lead of just 4,000 PH/s versus Foundry USA. Foundry USA is reportedly the mining pool that is backed by the Digital Currency Group.
Since the beginning of the third quarter of 2021, the United States has been involved in extensive mining activities. The country has demonstrated a lot of flexibility and it is not using much aggression against the mining firms in the country.
On top of that, it is China that had a huge role to play in growing the cryptocurrency mining power in the United States. Since the mid of May 2021, the regulatory authorities in China have started pushing out cryptocurrency mining firms from the country.
Before the exile of crypto-mining firms from China, the crypto-mining industry in the country was responsible for generating the highest hashrate for Bitcoin mining.
However, as the Chinese soil is no longer feasible for the mining firms, they have started relocating to other countries. Faced with such an exile, the United States has proven to be among the friendliest and most welcoming countries to such firms.
Apart from the United States, there are countries such as Kazakhstan and Russia that are offering an extremely friendly environment and treatment to the mining firms.
Out of the total five global major mining pools, it is Foundry USA that on average is generating mining rewards worth almost $5,500 per block, translating to 0.09418116 BTC.
The average mining rate generated by Foundry USA is the highest average generated by any mining pool from around the world.
While the United States is constantly growing in size in terms of mining power for Bitcoin, China is going the exact opposite. It has been constantly pushing out any mining firms that are operating in China. It was back in 2017 when China banned cryptocurrencies in the country, but it didn’t enforce its ban until mid of May 2021. Since then, the mining firms are being pushed out of the country, giving an opportunity to other countries to expand their business in the mining industry.