Bitcoin Mining Giants Foundry and Antpool Seize 56.7% of Network Hashrate

On-chain data showed Bitcoin mining giants Foundry and Antpool seized 56.7% of Bitcoin blockchain network’s hashrate.

Bitcoin mining pools Foundry USA and Antpool together control over 56% of the total hashrate on the Bitcoin blockchain network, according to the latest data.

The total hashrate on the Bitcoin network stood at around 651 exahashes per second (EH/s) on August 25, the data from BTC.com showed. Foundry USA was leading the pack with 215.79 EH/s, followed by Antpool at 153.55 EH/s.

3 day #Bitcoin hashrate distributionSource: btc(dot)com stats pic.twitter.com/d47ydJhQ2M

— Wu Blockchain (@WuBlockchain) August 25, 2024

Foundry’s hashrate had increased from 140.26 EH/s at the beginning of 2024, while Antpool’s hashrate had also grown from 147.40 EH/s at the start of the year.

The rising hashrate dominance of a few large mining pools has raised concerns about the centralization of the Bitcoin network.

Centralization is a key concern for Bitcoin, which was designed to be a decentralized digital currency. If a few large entities were to control a majority of the hashrate, it could give them the power to manipulate blocks or collude to influence the network.

The increasing dominance of large mining pools has also made it harder for smaller miners to compete in the space. The high costs of mining equipment, combined with the rising hashrate, made it difficult for small miners to achieve profitability.

As a result, many smaller miners were being pushed out of the space, leaving the field open to large-scale operations like Foundry and Antpool.

The growing control of Bitcoin’s hashrate by a few large players raises questions about the future of the network. If the trend towards centralization continues, Bitcoin could face risks that it was originally designed to avoid, such as reduced network security and increased potential for manipulation.

Industry experts have called for a reassessment of Bitcoin’s mining model to ensure that it remains open and accessible to participants of all sizes. Some suggest that innovations in mining technology or changes to the network’s consensus mechanism could help level the playing field.

As the debate over Bitcoin’s decentralization intensifies, the actions of major mining players like Foundry USA and Antpool will be closely watched. Their influence on the network will play a crucial role in shaping the future of Bitcoin and its role as a decentralised digital currency.

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