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- U.S. claims 40% of Bitcoin global hashrate as Foundry USA grows to 280 EH/s by 2024.
- Chinese mining pools hold 55% of global hashrate despite a 2021 ban on crypto mining.
- Foundry USA leads Bitcoin mining with 36.5% hashrate, securing its position as the largest pool globally.
By the end of 2024, the United States fixated on its rank as the country with the highest hashrate above 40% share of the entire hashpower securing the Bitcoin network. Among the two largest American mining pools, Foundry USA and MARA Pool, which mined over 38.5% of all Bitcoin blocks. This measure shows the overall computing power dedicated to securing the Bitcoin platform.
Foundry USA has seen a significant increase in hashrate from 157 EH/s at the start of the year to around 280 EH/s in December, according to data from TheMinerMag. The growth boosted Foundry USA’s position as the biggest mining pool in the world. The company now controls over 36.5% of the hashrate of the Bitcoin network.
MARA Pool, another key player in the United States, commands around 32 EH/s, equating to 4.35% of the total network’s hash power. Together, these mining pools accounted for more than 38.5% of all Bitcoin blocks mined in 2024, demonstrating the consolidation of hashrate within the U.S.
However mining pools based in China are still on the fore front controlling 55% of the global hashrate by September 2024, CryptoQuant data shows. Chinese miners circumvent local bans using virtual private networks (VPNs) and peer-to-peer technologies, allowing continued participation in mining pools worldwide.
Determining the precise distribution of global mining power remains challenging due to decentralized participation. Many mining pools, headquartered in specific countries, rely on contributions from miners operating across various jurisdictions. This international collaboration complicates the evaluation of geographic hashrate dominance.
This centralization of mining in a few large pools has caused concerns over the decentralization of Bitcoin. Industry executives warn that it may compromise the network’s neutrality and flexibility.
Rajiv Khemani, CEO of Auradine, stressed the importance of diversifying critical infrastructure such as application-specific integrated circuits (ASICs). He argued that avoiding dependency on a single country for these technologies is crucial for maintaining the network’s security and global neutrality.
With increasing centralization and mixed geopolitical sentiment around cryptocurrencies, Bitcoin mining hardware manufacturers are changing strategies. Another manufacturer of mining equipment is Bitmain, which has recently expanded its operations to the United States. The move aims to increase the efficiency and reduce dependence in some jurisdictions for some key segments.
Similarly, Jack Dorsey’s Block announced increased investments in its Bitcoin mining initiatives, redirecting resources from other projects to support the development of mining infrastructure.
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