Two Bitcoin Miners Take 60% of Market Share: Centralization Concerns Grow

Two Bitcoin Miners Take 60% of Market Share: Centralization Concerns Grow

Foundry USA and Antpool, two prominent Bitcoin mining pools, now control 60% of the market share. This raises concerns about the increasing centralization of the Bitcoin mining industry. Foundry USA's share has risen to 30% from 24% three years ago, while Antpool's share has also increased from 20% to 30%. This gives each of them a significant influence over the Bitcoin network. The combined hashrate of Foundry USA and Antpool is 321 EH/s, which surpasses the hashrates of other major mining pools. Foundry USA has a hashrate of 181 EH/s, while Antpool has a hashrate of 140 EH/s. This concentration of mining power in the hands of a few entities has led to concerns about the potential for manipulation and censorship of the Bitcoin network. Bob Burnett, founder and CEO of Barefoot Mining, highlighted the issue by pointing out that Antpool recently mined five out of six consecutive blocks. This level of control over the network's block production process raises questions about the fairness and decentralization of the Bitcoin mining ecosystem. The increasing centralization of Bitcoin mining has become a topic of debate within the cryptocurrency community. Some argue that it could lead to a more stable and efficient network, while others worry about the potential for abuse and the erosion of Bitcoin's decentralized nature.