Foundry, a crypto mining pool situated in the United States, has risen to become the second-largest Bitcoin mining pool behind AntPool.
Foundry’s ascension to the top spot was aided by the Digital Currency Group’s acquisition of 14.79 percent of the total market share.
The Chinese crackdown on digital currency-related activity has opened up new growth potential for cryptocurrency-focused firms in the United States.
While most of China’s exiled Bitcoin miners flocked to the US and other crypto safe havens, American-affiliated industry players have been expanding their operational investment to seize the market that is sliding away from China.
Foundry is following the trend, contributing exactly 24385.20 PH/s hash rate at the time of writing, according to BTC.com. The competitive payout rate per block helped Foundry to build its market position. Foundry is the highest paying pool among the top 5 profiled by BTC.com, with a block earning rate of $5,500.
Kevin Zhang, Vice President of Foundry USA said,
“We redistribute the block reward to miners via a Full-Pay-Per-Share (FPPS) payout scheme, and our pool fees are actually 0%,”
Foundry is likely to get additional benefits from its parent firm, the Digital Currency Group, in cash for its activities. Last week, the blockchain investing behemoth had received a $600 million credit line, following several funding rounds this year. According to the company, this sum will be used to fund its businesses, including Foundry, to increase market share.
As more Wall Street firms retain digital currencies on their balance sheets, America becomes the largest institutional investor center. While China’s aversion to decentralized digital currency is bad news for local crypto companies, it represents a new opportunity for others, particularly US-based businesses.