American pools lead Bitcoin mining, global hash rate share steadily rising
As the end of 2024 approaches, the United States' dominant position in Bitcoin mining is becoming increasingly solidified. According to the latest data, American pools Foundry USA and MARA Pool have collectively mined over 38.5% of Bitcoin blocks, while the U.S. share of global hash rate has also exceeded 40%. This achievement marks a more significant position for the United States in the global Bitcoin mining industry, especially considering the fierce competition in the global market and the constantly changing geopolitical environment.
Foundry USA - the rise of the world's largest Bitcoin pool
Foundry USA is undoubtedly a leader in the American mining industry. Since the beginning of 2024, Foundry USA's hash rate has significantly increased from 157 EH/s to 280 EH/s, further solidifying its position as the world's largest Bitcoin pool. According to data from TheMinerMag, Foundry currently controls about 36.5% of the total hash rate of the Bitcoin network, demonstrating its strong influence among global mining pools.
Meanwhile, MARA Pool is also steadily developing, with a hash rate of about 32 EH/s, accounting for 4.35% of the global hash rate. Although the size of MARA Pool is slightly inferior to Foundry, it remains an important force in the Bitcoin mining sector.
The ongoing influence of Chinese pools
Despite China's ban on cryptocurrency mining in 2021, the hash rate distribution of global mining pools is still strongly influenced by Chinese pools. CryptoQuant founder Ki Young Ju pointed out that although the influence of Chinese pools has decreased, as of September 2024, about 55% of the global hash rate is still controlled by Chinese pools. Miners have circumvented government bans on mining activities through methods such as virtual private networks (VPNs), allowing Chinese pools to maintain a presence in the global mining market.
This geographical dispersion makes it more complicated to determine the precise distribution of global mining power, especially since many mining pools, although headquartered in specific countries, attract contributions from international miners. This situation blurs the geographical distribution of hash rates and complicates the assessment of the global decentralization degree of Bitcoin.
The decentralization issue of Bitcoin mining - security risks and market concerns
As the power of global mining pools gradually concentrates, the decentralization issue in the mining market has increasingly attracted attention. One of Bitcoin's core values is decentralization, but as the proportion of mining pools in the global hash rate continues to increase, questions arise about whether the Bitcoin network is truly decentralized. Auradine CEO Rajiv Khemani has warned that overly centralized mining pools could pose national security risks, especially against the backdrop of escalating global supply chain crises and unstable geopolitical environments.
To address these potential risks, Khemani emphasized the importance of diversifying key mining equipment such as ASICs to avoid excessive control of Bitcoin network hash rates by a single country. This diversification of hardware can effectively reduce risks from a single market on global Bitcoin mining, ensuring that the Bitcoin network remains stable and secure against various risks.
Bitmain's entry into the U.S. - addressing geopolitical challenges
In the global mining industry, Bitmain, as one of the world's largest Bitcoin mining hardware manufacturers, is also continuously adjusting its strategic layout. Recently, Bitmain announced that it would relocate some production lines to the United States to improve supply chain efficiency and reduce potential risks arising from geopolitical issues. This move highlights the company's sensitivity to the global market and supply chain amidst the tense China-U.S. trade relations. Reportedly, Bitmain currently controls up to 90% of the global Bitcoin mining hardware market, which gives it a significant position in the global Bitcoin mining industry.
Additionally, Jack Dorsey's Block company has also announced significant investments in Bitcoin mining projects and self-hosted Bitcoin wallets to further promote the adoption and decentralization of Bitcoin.
Texas lawmakers' Bitcoin reserve strategy
In North America, the development of Bitcoin regulation and policy is quietly advancing. Recently, Texas lawmakers have begun exploring the possibility of establishing laws related to Bitcoin reserves, a move that could significantly impact the future widespread use and government support of Bitcoin in the United States. As global attention on cryptocurrencies like Bitcoin continues to rise, various governments are also exploring how to leverage Bitcoin's decentralized characteristics while ensuring national security and economic stability.
Global mining competition continues to heat up, focus on mining pool centralization risks!
As American pools dominate the Bitcoin mining sector, competition and cooperation in the market are intensifying. However, the issue of Bitcoin's decentralization remains a topic that cannot be ignored. The centralization of global mining pools has raised concerns about Bitcoin's security and decentralization, requiring miners and hardware manufacturers to continuously innovate to ensure the healthy development of the Bitcoin network.
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