On Monday, Cryptoquant’s founder Ki Young Ju took to X (formerly known as Twitter) to share this insight into the global distribution of Bitcoin’s hashrate. “Bitcoin hashrate dominance is shifting to U.S. mining companies,” the Cryptoquant executive wrote. Chinese mining pools operate 55% of the network, while U.S. pools manage 40%.”
He added:
U.S. pools primarily cater to institutional miners in America, while Chinese pools support relatively smaller miners in Asia.
As of Sept. 15, 2024, data from cryptoquant.com shows that mining pools in China control 54.86% of the global hashrate. U.S. pools make up 39.58%, while the Czech Republic accounts for 2.09%. Japan contributes 0.94%, and 2.51% of the hashpower comes from other countries, according to the firm’s analytics.
Chart shared by Cryptoquant’s founder Ki Young Ju.
Foundry USA has been the top mining pool throughout 2024, but Antpool has recently taken the lead over the past three days. Antpool now commands 30% of the world’s hashpower, with 191.88 exahash per second (EH/s) online. Meanwhile, Foundry USA manages 173.89 EH/s, which translates to 27.17% of the network’s computational power.
The evolving dominance between Chinese and U.S. mining pools illustrates the competitive and shifting nature of Bitcoin’s network. As institutional miners gain more influence, and smaller operations adapt, these trends may significantly impact the future market dynamics of mining. This ongoing competition reflects broader changes within the cryptocurrency landscape.
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