By Shelly Melancon (Switzerland)
Bitcoin mining service company based in New York, Foundry USA, has pushed past the competition to become the second-largest mining pool globally. They are said to have contributed 15.42% to the Bitcoin mining pool. Information from btc.com shows that Foundry USA is second to only AntPool by a mining speed of just 4,000 PH/s. AntPool remains the most significant mining pool, with a contribution of 17.76%.
Why The Recent Surge?
There is an increasing growth of Bitcoin mining in the United States. Experts believe that this growth can be seen due to the Chinese government placing a ban on activities relating to cryptocurrencies. The ban has led crypto miners to move to places with more friendly regulations. The United States is one of those places. Wu Blockchain echoed this sentiment in a tweet, posting a picture of the new rankings along with the link.
Amongst the mining pools in the top 5, Foundry USA has the highest cost of transactions. Americans are not pulling in front when it comes to mining alone. American businesses are also installing more crypto ATMs. There continues to be a sharp boost in American ownership of crypto ATMs. The trend has become more apparent with the Chinese ban on cryptocurrencies.
There are clear indications that the Chinese government is planning to create a Central Bank Digital Currency. The government has also asked for thoughts from the citizens on its ban on cryptocurrency. Many are beginning to speculate that the government may revisit its decision on the budding technology.
Information from Statista claims that China’s contribution to the mining of Bitcoin has reduced at a steady rate since September of 2019. China once contributed close to 80% of the Bitcoin mining. The value, however, declined to less than 50% by April this year before the ban in October.
Crypto Going Mainstream In The United States
America seems to be gravitating towards mainstream cryptocurrency adoption. However, at the moment, legislators and regulators are seeking clarity on the new tax requirement Laws signed on Monday. Legislators within the week have employed different mediums to effect changes to the infrastructure bill.
The concerns concerning the recent legislation have been raised by both Democrats and Republicans. There is a shared concern that the law could counter the recent growth of the blockchain industry in the country. They want regulations to give accurate taxing but not to scare away investors and developers.
At this moment, there seems to be pressure on the EU to ban the mining of Bitcoin. The environmental concerns surrounding Bitcoin could shape the future of cryptocurrency. If this request is the go-through, the effects are bound to be numerous.
Last week was a very tough week for the most prominent cryptocurrency by market cap. It dropped to new monthly lows. Today, the coin is trading around the $58,500 price level, up by 0.67%. The next direction for the currency is yet to be known.
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