In 2024, the United States became the dominant force in Bitcoin mining, controlling more than 40% of the global hashrate. This shift underscores the country's dominance in the 'digital gold' rush. Despite this, Chinese mining pools still have a significant influence, even amid ongoing restrictions.
U.S. Mining Pools Lead the Charge
The U.S. leads Bitcoin mining through Foundry USA and Marathon Holdings, which collectively mined over 38.5% of all Bitcoin blocks. Foundry USA, the largest pool globally, increased its power from 157 EH/s to 280 EH/s by December, controlling nearly 36.5% of the network’s hashrate. MARA Pool contributes 4.35% with 32 EH/s. These two pools have firmly placed the U.S. at the forefront of the Bitcoin mining industry. Meanwhile, lawmakers in Texas are considering the creation of a Strategic Bitcoin Reserve to bolster the U.S.’s role in the global industry.
China’s Persistent Grip on Global Mining Power
Despite the U.S.'s rise, China remains a formidable force in Bitcoin mining. As of September 2024, Chinese mining pools still commanded a significant 55% of the global hashrate, despite the 2021 crackdown on crypto mining. The ban did not hinder Chinese mining operations, as miners used VPNs and peer-to-peer applications to circumvent restrictions.
A Shift in Strategy: The U.S. and Bitcoin Mining Hardware
Amid rising geopolitical tensions, mining hardware companies are shifting strategies. Bitmain, which controls 90% of the global market, plans to expand its production operations to the U.S. to reduce dependency on China. Jack Dorsey’s Block also plans to increase investments in Bitcoin mining and its self-custody wallet, redirecting resources from other projects.
The U.S. solidified its leadership in Bitcoin mining in 2024, controlling a significant portion of the global hashrate. However, China continues to exert its influence in the industry. Amid changes in international relations, companies are revising their strategies to adapt to new economic realities.
