Bitcoin (BTC) mining business is a live winner-take-all race where mining companies and pools compete against each other to discover the next valid block that guarantees the right to collect the mining reward of 6.25 BTC plus the transaction. fee. Recent changes in the hashrate spectrum towards AntPool could further impact the decentralization of the Bitcoin network.
In particular, the Digital Currency Group (DCG) subsidiary and American mining group, Foundry USA, has led this race in the last three years. Foundry dominated block discovery by 17.78%, for a total of 28,331 Bitcoin blocks mined since October 2020. This data is from mempool.spacecollected by Finbold on October 6, 2023.
However, AntPool has suddenly increased its hashrate power in recent days, surpassing Foundry USA in block discovery to become the new leading pool in the Bitcoin mining race. AntPool has maintained its second place, closely following the leader throughout this time, mining 26,436 blocks (16.59%) in three years.
Interestingly, the new dominant group is owned by leading ASIC manufacturer BitMain, both located in China. ASICs are special machines used to efficiently mine Bitcoin, and the more efficient network-connected ASICs a miner has, the better their chances of finding a valid block and collecting the reward.
Bitcoin mining pool: AntPool mined close to 1 in 3 blocks on the day
At the time of publication, the BitMain-owned mining pool has discovered 46 blocks (30.07%) in the last 24 hours. Excluding transaction fees paid, this amount has earned AntPool a total of 287.5 BTC as part of its mining rewards, which is worth close to $8 million, with BTC trading at around $27,700.
Furthermore, these latest results have also impacted the state of the Bitcoin mining pool industry over the past three days, as AntPool slightly outperformed Foundry USA by a difference of two blocks. The Chinese mining pool has mined a total of 121 blocks (27.75%), while Foundry was responsible for 119 blocks (27.29%), according to the 3-day pool ranking.
AntPool was therefore able to raise over $2 billion in block subsidies, largely rewarding Bitcoin miners who contributed to its generated proof-of-work (PoW), to the detriment of its competitors who allocate hashrate to other pools. .
Like Foundry USA, AntPool requires proper identification (KYC) from all Bitcoin miners who connect their machines to this mining cooperative. In this context, more registered mining companies could now choose to migrate their hash power to the BitMain pool, seeking a higher probability of block discovery.