By the end of 2024, the US secured leading positions in the global Bitcoin mining industry, controlling over 40% of the network's total power.
US Dominance in Bitcoin Mining
The United States is strengthening its role in Bitcoin mining, controlling over 40% of the network's power. The largest contributors to this effort are the mining pools Foundry USA and MARA Pool. Foundry USA became the largest pool, expanding its power from 157 EH/s at the start of 2024 to 280 EH/s by December, accounting for 36.5% of the network's total power.
Centralization Risks in Mining
The growth of large pools such as Foundry USA and MARA Pool may contribute to network centralization, raising concerns. This is due to a few pools beginning to dominate the majority of the network, which could affect its security.
Current Market Trends
Bitcoin's price remains stable, trading at around $98,000, up 1% from the previous day.
The US continues to bolster its position in Bitcoin mining despite potential centralization risks within the network. This underscores the region's significance in the global cryptocurrency ecosystem.
