CRYPTO

Foundry USA becomes second largest bitcoin mining pool under Chinese sanctions

Foundry, a New York-based crypto-mining service provider, leads the world’s second-largest bitcoin (BTC) mining pool after acquiring a 15.42% stake in USA Network.

BTC.com data shows that Digital Currency Group-owned Foundry USA Pool Leader stands behind Antpool at just 4,000 PH / s hash rate, which contributed 17.76% to the network share at the time of writing.

China’s recent blanket ban on crypto trading and mining activities could be attributed to the increased participation of American entities. The ban has forced the migration of large numbers of local bitcoin miners, who now live in crypto-friendly jurisdictions, including the United States, Russia and Kazakhstan.

Among the top five mining pools for hash rate distribution, Foundry USA charges the highest average transaction fee of 0.09418116 BTC (approximately $ 5,500) per block. American businesses have also lifted China’s laxity in distributing crypto ATMs.

Coin ATM radar data shows that Georgia-based Bitcoin Depot has surpassed its Chinese counterpart to become the world’s largest crypto ATM operator. Interestingly, while most crypto ATM operators are operated by American companies, a trend is even more pronounced after China’s active ban on crypto activity.

Despite a clear intention to pursue an internal central bank digital currency (CBDC), the Chinese Communist Party has also sought public opinion on the October 21 ban on bitcoin mining, sparking talks to correct the government’s negative stance. Bitcoin and cryptocurrency mining activities.

However, Statistar data confirms that China’s contribution to the bitcoin mining hash rate has been steadily declining since September 2019. Two decades ago, China represented more than 75% of Bitcoin’s mining hash rate, down from 46% before it was banned by April 2021. Cryptocurrency

Related: U.S. lawmakers pass bill to ‘fix’ crypto reporting requirements from infrastructure law

As the United States moves toward mainstreaming bitcoin, regulators are seeking clarification on the need for a new report, raised by the Biden administration.

Republicans and members of the Democratic Party have, on several occasions, petitioned for amendments to the crypto tax reporting reform, including a request to redefine the term “broker” in crypto transactions.

Beginning in 2024, bipartisan infrastructure bills will require the general public to declare digital asset transactions worth more than $ 10,000 in internal revenue services. The bill currently treats miners and legitimacy brokers as hardware and software developers and protocol developers.