Foundry USA Pool is a Bitcoin mining pool of Foundry, a subsidiary Digital Currency Group (DCG). It has become the largest Bitcoin mining pool by hash rate after overtaking Antpool. This was coincidental with the launch of a marketplace for crypto mining equipment by Foundry.
With the recent growth of cryptocurrencies across the world, Bitcoin has become one of the top ten assets in the world. Consequently, Bitcoin mining has become a very lucrative business for many. At the beginning of the Bitcoin mining craze, hash power was mostly concentrated in China. China’s contributed about 75% to the network’s mining hash rate. However, it was on a steady decline prior to the crypto ban in China. In April 2021, China’s hash power was reduced to 46%. After the crypto ban in China, this number has drastically reduced. The ban caused large scale migration of miners from China to crypto-friendly areas like the United States, Russia and Kazakhstan. This led to the rise in participation of American entities in crypto trading and mining activities. This gave rise to large companies focusing on Bitcoin mining.
What is Foundry?
Foundry is a subsidiary of Digital Currency Group (DCG), which aims to use Bitcoin to drive economic and social change. DCG is a conglomerate that sits at the centre of the erupting volcano that is Bitcoin. If you are a seasoned crypto enthusiast you must already be using some of their subsidiaries. Currently, DCG’s subsidiaries include Coindesk, Grayscale, Genesis, Luno, and Foundry.
Foundry was founded in 2019 to cater to institutional demand for capital, efficiency and transparency in the mining and staking industry. Foundry specialized in providing machines, capital, institutional expertise, and intelligence to North American bitcoin miners. They also provide financing for mining equipment and a marketplace for buying and selling mining equipment called FoundryX. They have created a trusted US-based secondary market to connect miners. The firm also has its own mining pool called Foundry USA Pool. It aims to increase North America’s share in the mining ecosystem.
Foundry USA Pool: The largest Bitcoin Mining Pool by hash rate
Before we begin, Hash rate refers to the amount of computing power used on a network while mining. Now, The rise of Foundry USA Pool as the largest Bitcoin Mining Pool has been fast. In Nov 2021, It had secured the second position on the list behind Antpool. For two consecutive months, Foundry USA Pool kept its position in the top five mining pools in the world. On 8th December, It surpassed Antpool to become the largest Bitcoin mining pool with 16.5% of the global hash rate. The rise coincided with the launch of a Bitcoin mining rig by DCG called FoundryX. FoundryX aims to build a marketplace for crypto mining machines.
Currently, Foundry USA Pool commands over 18.71% of the total network hash rate. As the command of Foundry USA Pool rises, the American influence over Bitcoin mining will also continue to rise. This will bring in larger adoption through legislation in American and worldwide.
