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Foundry USA and Antpool Command Nearly 60% of the Bitcoin Mining Pool Market
Quick summary
Over the past 24 hours, the two largest Bitcoin mining pools, Foundry USA and Antpool, have demonstrated significant dominance, each holding approximately 30% of the mining pool market and collectively mining just under 60% of blocks over the past 24 hours. Both pools mined 41 blocks each during this period. The third-largest pool, ViaBTC, was responsible for around 11% of blocks.
Foundry Hash Rate Dominance: (Source: mempool.space)
A year ago, Foundry USA had a 29% share, and Antpool had 25%. Three years ago, Foundry USA had a 24% share, and Antpool had 20%. This increase highlights the growing dominance of these two mining pools. Foundry USA currently boasts a hashrate of 181 EH/s, while Antpool has around 140 EH/s, raising concerns about mining centralization.
Bob BurnettFounder and CEO of Barefoot Mining, highlighted these concerns, noting an instance where Antpool mined five out of six consecutive blocks between blocks 850448 and 850453. Many publicly traded Bitcoin miners, such as Cipher Mining, Bit FarmsIt is Cabin 8use Foundry USA.
Beijing-based Antpool, owned by Bitmain, the largest ASIC producer, points to a significant concentration of hash rate in China and the US. This centralization could pose future challenges, especially as weaker miners leave the network and stronger miners consolidate their positions, with publicly traded miners significantly increasing your hash rate.
It is worth noting that during the Chinese mining ban in the summer of 2021, Antpool’s hash rate dominance increased from 10% to 18%, despite an overall decrease in its absolute hash rate.
It is not necessarily a concern if a mining pool holds a 51% stake, as the risk of a 51% attack arises primarily if a single miner controls the majority of the hash rate. In such cases, it is the centralization within the pool, rather than the pool itself, that poses the threat.