Hash Rate Shift From China to the U.S.? Foundry USA Breaks Into the Top-5 in Hash Rate
Barry Silbert of the DCG—the firm behind Grayscale, on Apr 22 said Foundry USA bitcoin mining pool has broken into the top 5 as ranked by hash rate. Hash rate is a measure of computing power required by the network to remain reliable and process transactions trustlessly. It is an encouraging shift away from centralization concerns spewed by BTC critics over the years.
Hash rate is a closely followed metric in Bitcoin. As a variable that closely tracks BTC prices, traders keep an eye on its performance. Hash Rate also measures confidence from miners. Foundry USA breaking into the top-5, flipping Binance Pool is positive for the network, especially in ongoing decentralization efforts.
Impact on the BTC Price:
Bullish. The more decentralized Bitcoin is, the more resilient it is. That's why a U.S.-based mining pool breaking into the top-5 as it angles to topple China-based miners is positive for the network and, by extension, BTC/USD prices.
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