- Key Findings of the Research
- The Role of Cobo and Major Pools
- Impact on Decentralization and Security
Recent research has shown that 47% of Bitcoin’s total hashrate is under the control of a single custodian, Cobo. Eight major mining pools route their payouts through Cobo’s addresses, effectively consolidating control over nearly half of the network’s new Bitcoin production.
Key Findings of the Research
The research reveals that 47% of Bitcoin’s total hashrate is controlled by Cobo, meaning a significant portion of the network’s power is concentrated in one custodian’s hands.
The Role of Cobo and Major Pools
Eight major mining pools, including AntPool, F2Pool, Binance Pool, and BTC.com, route their payouts through Cobo’s addresses, effectively consolidating control over nearly half of the network’s power.
Impact on Decentralization and Security
Such concentration raises serious concerns about the decentralization and security of the Bitcoin network. The rise of proxy pools, receiving identical block templates and transaction prioritization, indicates that the competitive landscape is less diverse than it appears.
The consolidation of hashrate in the hands of a few key players undermines Bitcoin's core principles of decentralization and resistance to censorship, causing concern among the community and experts.
