Dec 01, 2021 04:20
The Bitcoin mining pool 'Foundry USA' which is obviously based in the United States, came in first place among the pools with the greatest hash rates on this network. It's the first time a North American pool has outperformed China's in this category.
AntPool and F2Pool, both from China, have traditionally topped the list of Bitcoin mining pools in terms of hash rate.
This changed when the Foundry USA Pool achieved 17% of the worldwide Bitcoin mining power.
How Did The US Do It?
Basically - all thanks to China.
Several Chinese mining operations selected the United States as one of their choices for continuing operations. Given the rise of Bitcoin in the cryptocurrency sector, this was an excellent choice. As is customary, this means a large infusion of cash into the market and a general rise in the assets traded there.
It's vital to note that the Chinese government chose to reject the use of Bitcoin and other cryptocurrency-related activities in its jurisdiction that was not allowed by them.
Not The First Time China Was De-Throned...
Only once before has the number one ranking shifted from China to another country. It wasn't a pool from the United States last time, but rather one from the Netherlands.
That was way back in 2014 - which gives you an idea of dominate Chinese miners were.
It was only a matter of days before China reclaimed the top spot from the Netherlands - but China isn't making a comeback this time, as their mining hashrate continues to decline.
Trading volume from China is also rapidly dwindling, as the country becomes completely cut off from international crypto markets, as their government intended.
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Author: Justin Derbek
New York News Desk
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