Bitcoin mining giants Foundry USA and Antpool have captured a significant portion of the network's hashrate, raising concerns about centralization.
Impact of Foundry and Antpool on Bitcoin Network
Over the past three days, Foundry USA and Antpool have captured 56.7% of Bitcoin network's total hashrate. These two pools now control more than half of all discovered blocks, raising questions about potential network centralization. This week’s spike in transaction fees has benefited these pools, allowing them to mine blocks filled with significantly higher fees.
Current Hashrate Metrics
As of August 24, 2024, the combined hashrate of the Bitcoin network is hovering around 651 exahash per second (EH/s). Foundry USA alone contributed approximately 215.79 EH/s over the last 72 hours, maintaining a strong output of around 199.02 EH/s over the past seven days. Antpool, not far behind, generated 153.55 EH/s in the same three-day period, with its seven-day performance reaching 162.55 EH/s.
Growth and Historical Data
Foundry’s rapid growth this year is notable, with its hashrate increasing by 75 exahash per second since January when it was recorded at 140.26 EH/s. Although Antpool’s growth has been more gradual, it has consistently held its position as the second-largest mining pool in 2024, starting the year with 147.40 EH/s. Historically, Antpool leads the all-time block discovery count, having mined 89,726 blocks, while Foundry, with 41,987 blocks, continues to climb the ranks.
This significant consolidation of mining power raises questions about the future of decentralization in the Bitcoin network, as the influence of a few dominant players could potentially affect the security and autonomy of the cryptocurrency ecosystem.
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