A company that is changing the way the world mines bitcoin

Cryptopolitan 2025-01-04 08:41:38

The US controls 40% of Bitcoin’s hashrate, with some pools contributing to international markets

By the end of 2024, the United States (US) had a 40% share in the global Bitcoin network hashrate, with its two main mining pools, Foundry USA and MARA, accounting for 38.5% of all blocks mined. Moreover, Foundry and MARA Pool each grew exponentially in 2024, with growth rates of 68% and 168%, respectively. Foundry and MARA mining pools make up 38.5% of the total Bitcoin blocks mined Starting in 2024 with a hashrate of 157 exahashes per second (EH/s), Foundry USA nearly doubled its capacity, reaching about 280 EH/s by December. Foundry even outperformed Asia-based Antpool in computational power by nearly 100%, as Antpool’s hashrate only increased slightly from 130 EH/s to 147 EH/s—significantly trailing behind Bitcoin’s overall network growth of 49%, which rose from 521 EH/s to 778 EH/s during the same period. Foundry and MARA pool now account for 38.5% of all Bitcoin blocks mined, up from 32.4% at the start of 2024 and only 18% in January 2022. These contributions, alongside smaller pools like Luxor—which mines 1.5% of blocks with 60–80% of its hashrate from US customers—add to the United States’ 40% global share. Some US mining pools even expanded internationally, providing computational power to overseas countries. For instance, Bitmain sold approximately 32 EH/s of US-energized hashrate to a Chinese company in November, potentially contributing another 4% to the US-based total. China still dominates BTC mining While the US holds an impressive share of the global Bitcoin hash rate, China still dominates Bitcoin mining, accounting for 55% of the total computational power supply in 2024. The country has still maintained its crypto ban. However, Chinese miners have learned to bypass security protocols by using virtual private networks (VPNs) to conceal their IP addresses. Peer-to-peer (P2P) apps also allow Chinese residents to bypass the national firewall and exchange cryptocurrencies. However, Ki Young Ju, founder and CEO of CryptoQuant, believes Bitcoin mining dominance is slowly shifting to the US, particularly due to the difference in clientele. He said : “Chinese mining pools operate 55% of the network, while U.S. pools manage 40%. US pools primarily cater to institutional miners in America, while Chinese pools support relatively smaller miners in Asia.” Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap

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