Dominant Miners Foundry And Antpool Capture Over 50% Of BTC Network’s Hashrate

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BTC Miners Commanding More Than 50% of Networks Aggregate Hashpower

The eve of 28th December 2022 came as surprise to Bitcoin miners as the network’s aggregate hash power went as high as 300 EH/s.

Otherwise, the hash power of the network was processing at a much lower power of 170 EH/s on 26th December 2022. However, behind the 26th December’s low hash power, were the miners based in Texas, USA.

Texas-based miners significantly reduced power supply in an attempt to clear the grid on the assumption that excess load was causing troubles.

Consequently, the network’s hashrate plummeted and started processing the power at a reduced hash power of not more than 170 EH/s.

Later it turned out that the Texas-based miner’s assumption was baseless which quickly rebounded hash power back to 240 EH/s.

Ultimate Dominators of BTC Hashpower

Yet presently, Bitcoin’s hash power is processing the minting of coins at an average of 300 EH/s since past 26th December 2022.

Amongst major contributors, are Foundry USA, Antpool, F2Pool, ViaBTC, Binance,, Braiins, Unknown, Luxor, Poolin, SBI Crypto, PEGA, and ULTIMUS.

However, there are two exceptional mining pools that are jointly commanding more than 51% of the network’s hash power, which are Foundry USA and Antpool.

In their individual capacities, both supplied a total of 31.4% and 21.9% hash power to the Bitcoin network in the past 3 days.

Criticism Drawn

However, it seems that Bitcoin opponents are not pleased with this sudden positive change in Bitcoin’s hash power.

Consequently, criticism started to take hype which involved leveling of accusations against the Bitcoin network and calling for immediate regulation of crypto.

Despite criticism, one cannot take away these landmark achievements from the network nor from its dominant miners i.e. Foundry USA and Antpool.

It was because of their joint contribution of 53.32% on 29th December that Bitcoin’s processing power is exceeding 250 EH/s.

Within this, F2pool’s contribution also cannot be underestimated. This pool alone supplied more than 14% hashrate in helping the network’s total hash power to exceed 250 EH/s.

If individual contributions of Foundry, Antpool, and F2pool are clubbed, then it would show that they jointly commanded 67.57% of the network’s hash power.

How Many Miners Are Contributing To the Network?

Currently, there are 12 recognized BTC mining pools that have been contributing to the network’s hash power. A total of 5.64 EH/s out of 250 EH/s is being supplied to the network from an unknown source.

Mining Difficulty Decline Phenomena

The network’s difficulty level was increased by at least 3.27% on 19th December 2022 at the block height of 768,096.

Experts had then suggested that a significant decline in the difficulty would likely happen on or soon after 3rd January 2023.

While there remain two more weeks to reach that date, it is expected that the difficulty decline could range from 7% to 8%.

Does It Change Anything For Bitcoin Miners?

A question is being asked in the mining industry though Bitcoin processing power has been increased does it changes anything?

The question refers to the present state of Bitcoin mining where the harvesting cost is higher than the present value of the asset.

This is a major issue, prevailing for quite some time, which Bitcoin miners have been going through.

For mining activity to become profitable, either the cost incurred on minting Bitcoin has to go down or the asset’s value is increased. In either situation, the change required has to be ‘significant’.

Currently, mining of single unit of Bitcoin costs around $18,000. On the other hand, the asset’s value is over $16,000 only.

It is a huge letdown for the entire crypto-mining industry. For Bitcoin to become profitable for the miners, it has to be much higher than $20k.

The miners have to pay so much in the form of electricity, maintenance, and other kinds of charges. On the other hand, the returns are always fluctuating but despite that, they do not surge to $18 or over.

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