New York-based cryptocurrency mining services firm FoundyUSA has successfully managed the world's second largest Bitcoin (BTC) mining pool.
The company was able to acquire a 15.42% stake in the world's most famous and largest cryptocurrency mining network, according to Coin Telegraph.
Data from BTC.com shows that FoundryUSA, owned by Digital Currency Group, is trailing group leader Antpool with a hashrate of just 4,000 bps, contributing Its network share is 17.76% so far.
The rise in the participation of US entities can be attributed to China's recent blanket ban on cryptocurrency trading and mining activities.
The ban has imposed a large-scale immigration of local Bitcoin miners, who now reside in crypto-friendly jurisdictions including the United States, Russia and Kazakhstan.
Among the top five mining pools in terms of hash rate distribution, FoundryUSA charges the highest average transaction fee of 0.09418116 BTC (approx. $5,500) per block. American companies have also dealt with China's stagnation with regard to the distribution of crypto-currency ATMs.
