The Rise of Foundry USA

In a surprising twist in the crypto saga, Foundry USA has transformed from the underdog into the heavyweight champion of Bitcoin mining pools, boasting a 15.42% share of the network.
Ranked second only to AntPool—whose hash rate towers at an impressive 17.76%—Foundry is merely a hair’s breadth away, trailing by a mere 4,000 PH/s. This feat is nothing short of remarkable, considering how quickly the mining landscape has shifted.

The Great Migration: Why America is Winning

The crypto scene has undergone a seismic shift thanks to China’s outright ban on mining and trading activities. Picture it: Chinese miners packed their bags and set sail (or rather, drove) to friendlier climes, shifting their operations to countries like the United States, Russia, and Kazakhstan. America’s warm embrace of crypto has paved the way for American entities to boldly grasp opportunities left in the dust.

Mining Rewards: Foundry USA’s Sweet Deal

In the cutthroat world of crypto mining, Foundry USA is raking in the bucks. Data suggests that the mining pool offers the highest average rewards, dishing out around 0.09418116 BTC (nearly $5,500) per block mined, thanks to an alluring Full-Pay-Per-Share (FPPS) payout scheme with a jaw-dropping pool fee of 0%. Talk about a win-win!

America’s ATM Takeover

The American dominance doesn’t stop at mining pools. Crypto ATMs have become a flourishing business, with Georgia’s Bitcoin Depot claiming the title of the world’s largest operator. As Chinese operators have stepped back, American businesses have flooded in, making it almost a crypto carnival across the U.S.

The Chinese Dilemma: To Ban or Not to Ban?

Despite attempting to pivot to a central bank digital currency (CBDC), China remains in hot water. Public sentiment about the Bitcoin mining ban is being cautiously explored by the Communist Party. They’re keeping their ears to the ground just in case the tide turns in favor of crypto. Meanwhile, Statista reports a dramatic plummet in China’s hash rate contributions since 2019—from over 75% to just 46% before the ban.

The Future: Regulatory Tightrope

Not all is smooth sailing in the crypto waters of the U.S. Lawmakers are currently navigating the choppy seas of how to properly govern this burgeoning market. Starting in 2024, any digital asset transactions exceeding $10,000 will require reporting to the IRS. Though it sounds like a bureaucratic nightmare, the changes bring clarity and, hopefully, a leg up for regulatory frameworks—a necessary step if crypto is ever to attain full mainstream status.