As of the end of 2024, the U.S. represents over 40% of the Bitcoin network hashrate that is securing the blockchain.
As of the end of 2024, the U.S. resolutely took a pole position in the global ranking of leading countries in Bitcoin mining, which represents over 40% of the Bitcoin network hashrate that is securing the blockchain.
| Key Takeaways: – The United States now leads global Bitcoin mining, accounting for over 40% of the Bitcoin network hashrate. – Foundry USA has grown its hashrate from 157 EH/s to 280 EH/s in 2024, while Chinese miners, despite the 2021 ban, still hold a significant portion of the Bitcoin network hashrate. |
According to data from TheMinerMag, this is mainly due to two U.S.-based mining pools, Foundry USA and MARA Pool, which together mine more than 38.5% of all the Bitcoin blocks mined globally.
Foundry USA and Foundry Flash have grown colossally from 157 EH/s back in January to around 280 EH/s at the end month of this year to stand as the biggest mining pool by hashrate. Its contribution is 36.5% to the network’s total operational power. MARA Pool mines at 32 EH/s, or 4.35% of global hashrate.
Despite this US surge, Chinese mining pools remain responsible for a large portion of Bitcoin’s computing power. Some analysts believe that since China banned the mining of cryptocurrency in 2021, its miners have kept their hashrate high through VPNs and peer-to-peer apps, thus retaining more than 50% of the global Bitcoin network hashrate.
Bitmain, one of the major Bitcoin mining hardware manufacturers, reportedly announced the extension of its business to the U.S. in some form as part of a plan to optimize its supply chain efficiency with rising trade tensions between the U.S. and China. The company is estimated to control as much as 90% of the global market for Bitcoin mining hardware.
The accumulation of mining power in certain areas does raise concerns. Analysts also warn that this concentration of mining infrastructures could create vulnerabilities that affect supply chains worldwide, which could put the security of the Bitcoin network at risk. The very tenet of decentralization that remains fundamental for Bitcoin’s integrity is seriously at risk of being breached.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
