As of 2024, the United States accounted for over 40% of the Bitcoin network’s global hashrate, with two US-based mining pools, Foundry USA and MARA Pool, commanding a significant portion of the total computing power.
Foundry USA: The Largest Mining Pool by Hashrate
According to TheMinerMag, Foundry USA experienced substantial growth in its hashrate throughout 2024. At the start of the year, the pool’s hashrate was reported to be around 157 exahashes per second (EH/s). By December, this number had increased to approximately 280 EH/s.
As a result, Foundry USA currently holds the title of the single largest mining pool by hashrate, controlling roughly 36.5% of the total hashrate in the Bitcoin network. This remarkable growth highlights the pool’s dedication to investing in cutting-edge technology and infrastructure to optimize its operations.
MARA Pool: A Close Second in Hashrate Dominance
While Foundry USA takes the top spot in terms of hashrate, MARA Pool is a close second, controlling approximately 4.35% of the total hash power with around 32 EH/s. Despite this significant contribution to the network’s overall hashrate, MARA Pool still lags behind its US-based counterpart.
Chinese Mining Pools: Still in Command
Despite the growth of US-based mining pools, Chinese miners continue to dominate the global hashrate landscape. According to recent data from TheMinerMag and Hashrate Index, Chinese mining pools control approximately 55% of the total hashrate.
The reasons for this dominance are multifaceted. Firstly, China’s strict regulations on cryptocurrency mining do not entirely eliminate its participation in the Bitcoin network. Miners can circumvent these restrictions by using virtual private networks (VPNs), which mask their IP addresses and allow them to connect to mining pools.
Furthermore, peer-to-peer apps enable Chinese residents to bypass the national firewall and exchange cryptocurrencies, further blurring the lines between legitimate and illicit activities.
The Challenge of Estimating True Hashrate Dominance
One significant challenge in accurately assessing hashrate dominance lies in the geographic distribution of miners. Many mining pools may be headquartered in one country but rely on computing power contributed by miners from various jurisdictions.
This complex web of international collaborations makes it difficult to determine the true extent of each region’s hashrate contribution, as reported by TheMinerMag in their September 2024 article.
Estimated Breakdown of Hash Power by Country
The following table illustrates an estimated breakdown of hash power by country over the last 30 days:
| Country | Hashrate |
| — | — |
| China | 55% |
| United States | 40% |
| Other Countries | 5% |
Source: Hashrate Index
Concerns Over Hashrate Centralization
The increasing concentration of computing power into a small set of mining pools has raised concerns among industry executives. In October, Rajiv Khemani, co-founder and CEO of Auradine, expressed his views on the matter.
Khemani warned that critical infrastructure such as application-specific integrated circuits (ASICs) should not be manufactured within only one jurisdiction to avoid supply chain risks. He emphasized the importance of decentralizing mining operations to maintain the neutrality of the Bitcoin network.
Maintaining Decentralization in the Bitcoin Network
As the cryptocurrency landscape continues to evolve, the importance of maintaining a decentralized infrastructure becomes increasingly apparent. By distributing computing power across multiple regions and jurisdictions, we can ensure that no single entity controls an excessive portion of the total hashrate.
This not only mitigates supply chain risks but also maintains the integrity of the Bitcoin network as a truly decentralized currency.
