Foundry USA pool operators drive North American Bitcoin hashrate

The United States controls 37.4% of the global Bitcoin hashashrate, totaling approximately 375 EH/s as of Q2 2026. This concentration follows a massive migration from China after regulatory actions in Xinjiang and the Inner Mongolia ban. Foundry USA, a subsidiary of Digital Currency Group, manages approximately 30% of the network hashashrate. This dominance positions the United States as the primary center for institutional mining. BitVentures, a technology company listed on the NASDAQ, directed its mining hashashrate to the Foundry USA Pool in April 2026 to secure more predictable rewards through a Full-Pay-Per-Share payout model. You should watch how these institutional shifts influence block production stability. The total global hashrate declined to 1,004 EH/s in Q2 2026, a 5.8% quarter-over-quarter drop from 1,066 EH/s in Q1 2026. This contraction happened because the Bitcoin price fell 50% from the $124,000 peak in October 2025 to a $65,000 low in February 2026. This price drop pushed hashprice to an all-time low of $27.89 per PH/s per day. Legacy equipment with efficiency of 25+ J/TH operates at negative gross margins and forces many operators offline.

The mining pool hierarchy

The mining landscape relies on a few large pools to coordinate block discovery and distribute rewards. Five major pools control the vast majority of the network.

Foundry USA operates out of Rochester, New York, and targets large-scale operations. It provides identity verification and SOC 2 Type 2 accreditation to attract institutional capital. While Foundry USA remains the leader, competition exists from AntPool and ViaBTC. AntPool, operated by Bitmain, serves miners who use Antminer hardware. ViaBTC maintains a presence in Russia and Central Asia. The US market also faces new hurdles as 225 moratoriums or restrictions on data-center development exist across 30 states. Maine banned new data center construction in April 2026, while New York enacted a statewide moratorium on July 14, 2026. These regulations make energized sites scarce assets. The US interconnection queue stands at roughly 2,600GW and is more than the entire country’s installed capacity, while data centers account for 87% of the large-load queue in the ERCOT region. Large operators like IREN and TeraWulf are pivoting toward AI and high-performance computing to capture higher margins. Canada holds 2.6% of the market, though it faces policy fragmentation across provinces like Quebec. Keel, formerly Bitfarms, ceased all mining operations on June 29, 2026, and will record zero mining revenue in Q3.

Global hashrate shifts

China’s mining share fell to 12.0% in Q2 2026 after the December 2025 Xinjiang enforcement actions. Inner Mongolia previously contributed 8% of global hashashrate before local authorities imposed a ban on crypto mining in March. This regulatory pressure forced miners to seek stable environments in North America or jurisdictions with clear electricity policies. Russia holds 16.9% of the hashashrate, but the government banned mining in several regions, including Moscow, through 2032. This regulatory environment is clearly hostile for miners in those regions. Paraguay maintains a 4.3% market share, powered by hydroelectric surplus from the Itaipu and Yacyreta dams. Ethiopia’s growth to 2.5% shows the potential for hydroelectric-powered mining, though drought in September 2026 forced Ethiopian Electric Power to ration electricity to 23% of contracted amounts. This sudden curtailment proves that energy availability can override policy stability. Kyrgyzstan saw 300% year-over-year growth, while Laos grew 100% year-over-year due to hydroelectric power. The UAE and Oman each hold 3.0% of the global hashashrate. Pakistan saw its growth moderate to 3 EH/s in Q2 2026 after a massive spike earlier in the year. Does the concentration of power in a few American pools threaten the decentralized nature of the network?