Chinese Pools Still Control Majority of Bitcoin Hashrate

According to metrics shared by Ki Young Ju, the founder and CEO of cryptoquant.com, mining pools in China currently dominate 55% of Bitcoin's network hashrate

Despite institutional miners in the U.S. gaining more influence, smaller operations are adapting and helping smaller miners in China maintain the majority of Bitcoin’s hashrate.

A Shift in Bitcoin Hashrate Dominance: U.S. Mining Pools Closing the Gap

According to metrics shared by Ki Young Ju, the founder and CEO of cryptoquant.com, mining pools in China currently dominate 55% of Bitcoin’s network hashrate, while U.S.-based mining pools control about 40%. This distribution marks a significant shift from earlier in 2024, when Chinese pools commanded over 65% of the hashrate.

“Bitcoin hashrate dominance is shifting to U.S. mining companies,” wrote Young Ju on X (formerly Twitter). “Chinese mining pools operate 55% of the network, while U.S. pools handle 40%.”

Institutions and Smaller Miners in Focus

Young Ju further highlighted the differing focus of U.S. and Chinese mining pools, catering to distinct miner segments.

“U.S. pools mainly cater to institutional miners in America, while Chinese pools support relatively smaller miners in Asia.”

China Hashrate Dominance Slipping, U.S. Hashrate Rising

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, Japan, and other countries contribute 2.09%, 0.94%, and 2.51%, respectively.

Top Mining Pools: Antpool Surges Ahead

Throughout 2024, Foundry USA has been the top mining pool, but in the past three days, Antpool has surged ahead, capturing the lead. Currently, Antpool commands 30% of the world’s hashpower, with 191.88 exahash per second (EH/s) online. In comparison, Foundry USA manages 173.89 EH/s, which translates to 27.17% of the network’s computational power.

These evolving dynamics between Chinese and U.S. mining pools underscore the competitive and shifting landscape of Bitcoin’s network. As institutional miners continue to gain greater influence, smaller operations are adapting and maintaining a strong presence, shaping the future market landscape of mining.