According to metrics shared by Ki Young Ju, the founder and CEO of cryptoquant.com, mining pools in China currently dominate 55% of Bitcoin’s network hashrate, while U.S.-based mining pools control about 40%.
US Miners Gain Ground as Chinese Pools Lead Bitcoin Hashrate: Cryptoquant
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Chinese Pools Still Control Majority of Bitcoin Hashrate
On Monday, Cryptoquant’s founder Ki Young Ju took to X (formerly known as Twitter) to share this insight into the global distribution of Bitcoin’s hashrate. “ Bitcoin hashrate dominance is shifting to U.S. mining companies,” the Cryptoquant executive wrote. Chinese mining pools operate 55% of the network, while U.S. pools manage 40%.”
He added:
U.S. pools primarily cater to institutional miners in America, while Chinese pools support relatively smaller miners in Asia.
As of Sept. 15, 2024, data from cryptoquant.com shows that mining pools in China control 54.86% of the global hashrate. U.S. pools make up 39.58%, while the Czech Republic accounts for 2.09%. Japan contributes 0.94%, and 2.51% of the hashpower comes from other countries, according to the firm’s analytics.
Foundry USA has been the top mining pool throughout 2024, but Antpool has recently taken the lead over the past three days. Antpool now commands 30% of the world’s hashpower, with 191.88 exahash per second (EH/s) online. Meanwhile, Foundry USA manages 173.89 EH/s, which translates to 27.17% of the network’s computational power.
The evolving dominance between Chinese and U.S. mining pools illustrates the competitive and shifting nature of Bitcoin’s network. As institutional miners gain more influence, and smaller operations adapt, these trends may significantly impact the future market dynamics of mining. This ongoing competition reflects broader changes within the cryptocurrency landscape.
What do you think about the global hashrate distribution? Share your thoughts and opinions about this subject in the comments section below.
