Foundry USA Tightens Grip on Bitcoin Mining With 18.4% Market Share as Global Hashrate Surges Past 250 EH/s

The Hardware/Software Landscape

The Bitcoin mining industry underwent a significant structural transformation in the months leading up to April 2022, with the center of gravity firmly shifting toward North America. Following China’s comprehensive mining ban in mid-2021, mining operations relocated at unprecedented speed, and by Q2 2022 the reshuffling had produced a new hierarchy among mining pools and hardware operators.

At the heart of this transformation was Foundry USA, the mining pool operated by Digital Currency Group subsidiary Foundry. By April 23, 2022, Foundry had established itself as the undisputed leader in Bitcoin mining pool statistics, commanding 18.39% of the global hashrate at 41.05 EH/s. The pool had mined 87 of the 473 blocks recorded during the three-day measurement window, consistently outpacing its nearest competitors. This dominance was built on strategic partnerships with North American mining firms, competitive fee structures, and a deep understanding of the institutional mining market that had emerged post-China ban.

The hardware landscape supporting this hashrate was increasingly sophisticated. Bitmain’s Antminer S19 XP, which began shipping in volume during Q1 2022, offered miners a significant efficiency advantage over the S19 Pro. Meanwhile, MicroBT’s Whatsminer M30S++ provided an alternative for operations seeking to diversify their hardware suppliers. The average efficiency of the global Bitcoin mining fleet had improved markedly, with the network’s overall joules-per-terahash metric declining as older generation units were retired.

Hashrate and Difficulty

Behind Foundry USA’s dominance lay a network operating at record intensity. Bitcoin’s hashrate peaked at 271.19 EH/s on April 23 at block 733,197, with the seven-day average holding strong at 252.39 EH/s. The mining difficulty, which adjusts every 2,016 blocks to maintain the ten-minute block time, had risen to 29.79 trillion following the April 27 adjustment — a 5.56% increase that pushed the metric to the edge of the 30 trillion barrier.

Antpool, the second-largest pool by hashrate, controlled 15.86% of the network with 35.39 EH/s and had mined 75 of the 473 blocks in the measurement period. The gap between Foundry and Antpool — approximately 2.5 percentage points of market share — was significant but not insurmountable. Other pools including F2Pool, ViaBTC, and Binance Pool rounded out the top tier, each controlling between 10% and 13% of global hashrate.

The 90-day average hashrate of 201.8 EH/s compared to the current reading of 252.39 EH/s revealed a remarkable acceleration. This 25% premium over the quarterly average indicated that miners were deploying new hardware at a pace that outstripped the organic growth of the network, a trend that typically precedes either a significant price movement or a period of difficulty-induced margin compression.

Profitability Metrics

Mining profitability in late April 2022 presented a nuanced picture. With Bitcoin trading at approximately $39,486 and block rewards of 6.25 BTC worth roughly $245,531, top-tier miners with access to electricity priced below $0.04 per kWh continued to generate healthy margins. However, the rising difficulty — up 5.56% in a single adjustment — was steadily eroding these margins for all participants.

The economics varied dramatically by region and operational scale. Industrial-scale miners in Texas and Georgia who had secured long-term power purchase agreements at favorable rates were operating profitably even at current difficulty levels. In contrast, smaller operators and those running older-generation hardware found themselves in an increasingly precarious position, with some making the difficult decision to curtail operations during peak electricity pricing hours.

The concept of hashprice — the dollar value of one terahash of mining power per day — had become the critical metric for the industry. In April 2022, hashprice was under pressure from both sides: rising difficulty reduced the BTC per TH while a stagnating Bitcoin price capped the dollar-denominated revenue. For publicly traded mining companies like Marathon Digital, Riot Blockchain, and Core Scientific, this environment created a complex strategic challenge between expanding hashrate to maintain market position and preserving capital for the eventual halving in 2024.

Environmental Impact

The geographic redistribution of Bitcoin mining following China’s ban had meaningful implications for the industry’s environmental footprint. With mining operations increasingly concentrated in the United States, particularly in states like Texas, Georgia, and New York, the sector faced greater scrutiny from environmental regulators and ESG-focused investors.

Foundry USA’s growth was partly attributable to its ability to attract North American miners who were increasingly focused on sustainable operations. Many of these operations had located near renewable energy sources — hydroelectric dams in the Pacific Northwest, wind farms in West Texas, and solar installations in the Southwest. Industry estimates suggested that the renewable share of Bitcoin mining’s energy mix had risen to approximately 58% by early 2022, up from roughly 39% before the China migration.

The immersion cooling segment, while still nascent, was gaining traction as a dual-purpose technology. Beyond the efficiency gains of up to 40% in cooling energy, immersion-cooled mining facilities were exploring heat recapture systems that could redirect waste thermal energy to greenhouses, district heating systems, or industrial processes. This circular economy approach to mining energy was attracting attention from both investors and regulators seeking to reconcile Bitcoin’s energy demands with climate goals.

Strategic Outlook

The competitive dynamics of Bitcoin mining in mid-2022 pointed toward further consolidation. Foundry USA’s growing dominance reflected a broader trend: mining was becoming an institutional industry, with professional management, sophisticated financial engineering, and regulatory compliance replacing the Wild West era of hobbyist miners. This maturation was likely to continue, with the largest pools and operators capturing an increasing share of hashrate through economies of scale.

The next difficulty adjustment, expected around May 10, 2022, was initially estimated to bring a marginal decrease of approximately 0.07%. However, the trajectory beyond that remained uncertain. If Bitcoin’s price remained rangebound around $39,000-$40,000, margin compression would eventually force less efficient miners offline, potentially leading to a series of downward difficulty adjustments that could temporarily restore profitability for surviving operations.

For individual miners, the strategic calculus was straightforward but demanding. The combination of rising difficulty, approaching halving, and uncertain price action created an environment where only the most capital-efficient and operationally disciplined miners would thrive. Those who could maintain low energy costs, optimize hardware performance, and manage their Bitcoin treasury effectively would be positioned to survive the challenges ahead and potentially emerge stronger when the next bull market arrived.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Mining profitability depends on numerous factors including hardware efficiency, electricity costs, and market conditions. Always conduct thorough research before making any investment decisions.