The United States has taken a significant leap forward in dominating the global Bitcoin network’s hashrate, accounting for over 40% of its total computing power at the end of 2024. This remarkable increase is largely attributed to two prominent US-based mining pools: Foundry USA and MARA Pool.
Foundry USA: The Largest Mining Pool by Hashrate
According to recent data from TheMinerMag, Foundry USA has grown its hashrate exponentially from 157 exahashes per second (EH/s) at the start of 2024 to an astonishing 280 EH/s by December. This impressive growth has catapulted Foundry USA to become the single largest mining pool in terms of hashrate, controlling approximately 36.5% of the total hashrate in the Bitcoin network.
MARA Pool’s Growing Influence
Meanwhile, MARA Pool is also experiencing significant growth, with its current hashrate standing at around 32 EH/s or 4.35% of the total hash power. While still dwarfed by Foundry USA’s dominance, MARA Pool is undeniably a force to be reckoned with in the world of Bitcoin mining.
China-Based Mining Pools Still Hold Majority
Despite the impressive strides made by US-based mining pools, China-based mining pools continue to hold a significant majority of global hashrate. In fact, according to TheMinerMag, Chinese miners control around 55% of the total hashrate, despite a 2021 ban on crypto.
Circumventing the Ban: VPNs and Peer-to-Peer Apps
So how do Chinese miners manage to circumvent the ban? It’s quite simple, really. By using virtual private networks (VPNs), they can mask their IP addresses, allowing them to connect to mining pools without arousing suspicion. Additionally, peer-to-peer apps enable Chinese residents to bypass the national firewall and exchange cryptocurrencies with ease.
Geographic Distribution of Miners: A Complicated Issue
The geographic distribution of miners is a complex issue that makes it challenging to estimate true hashrate dominance. Mining pools may have headquarters in one country but rely on computing power contributed by miners outside of that jurisdiction. This raises questions about the accuracy of estimates and the actual control exercised by mining pools.
Concerns Over Hasrate Centralization
The concentration of computing power into a small set of mining pools has raised alarms among industry executives. In October, Rajiv Khemani, co-founder and CEO of Auradine, a leading mining chip manufacturer, expressed concerns about Bitcoin decentralization being a matter of national security.
Avoiding Supply Chain Risks
Khemani warned that critical mining infrastructure such as application-specific integrated circuits (ASICs) should not be manufactured within only one jurisdiction to avoid supply chain risks. He also emphasized the importance of keeping the decentralized currency as neutral as possible by ensuring no country controls a majority of the Bitcoin network’s hashrate.
Conclusion
The rapid growth of US-based mining pools, particularly Foundry USA and MARA Pool, is a testament to the evolving landscape of the global Bitcoin network. However, concerns about hashrate centralization and its implications for national security cannot be ignored. As the industry continues to grow and evolve, it’s essential that we address these issues and work towards maintaining the decentralized nature of the Bitcoin protocol.
Estimated Breakdown of Hash Power by Country Over the Last 30 Days
| Country | Hasrate (EH/s) |
| — | — |
| United States | 162.4 EH/s (40.6%) |
| China | 121.1 EH/s (30.3%) |
| Other countries | 71.5 EH/s (18.2%) |
Source: Hashrate Index
Note: The estimated breakdown is based on data from the Hasrate Index and may not reflect the actual hashrate distribution.
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