The Two Largest Mining Companies Now Control 56.7 Percent of the Bitcoin Network

Over the past three days, Foundry USA and Antpool have dominated the Bitcoin (BTC) mining industry, collectively controlling 56.7% of the network’s total hashrate.

This concentration of power marks a significant development, as two mining pools captured more than half of all blocks mined during this period.

Foundry has seen rapid growth, seeing its hashrate increase by approximately 75 exahashes per second (EH/s) since the start of 2024. Foundry is owned by DCG, the world’s largest digital asset firm. Archived data as of August 24, 2024 shows that both Foundry and Antpool have benefited from the recent increase in transaction fees, with blocks filled with unusually high fees increasing their profitability.

The total Bitcoin network hashrate is currently around 651 EH/s. Over the past three days, Foundry has contributed around 215.79 EH/s and has maintained an average of 199.02 EH/s over the past week. The second-largest pool, Antpool, has recorded 153.55 EH/s over the past three days, while its seven-day average is 162.55 EH/s.

Foundry’s rapid growth is particularly notable. Its hashrate was 140.26 EH/s at the beginning of the year, making its current increase of over 75 EH/s a remarkable feat. Antpool’s growth has been more steady, starting the year at 147.40 EH/s, but it has consistently maintained its position as the second largest mining pool through 2024.

Historically, Antpool leads the all-time block mining industry with 89,726 blocks mined, according to btc.com data. F2pool follows with 86,915 blocks, while Foundry, despite its recent growth, still lags behind with 41,987 blocks mined. However, given its rapid rise, Foundry is quickly climbing the rankings.

*This is not investment advice.