The competition in Bitcoin (BTC) mining has been heating up between China and the United States, with China taking the lead in recent times. AntPool, one of the major mining pools, has been responsible for mining almost a third of all newly issued BTC in the past 24 hours, consolidating its position in block production and mining rewards.
According to data sourced from mempool.space on September 22, AntPool mined 42 blocks out of 135, while Foundry USA discovered 36 blocks. These two mining giants have been dominating the field for quite some time, leaving competitors like ViaBTC, F2Pool, and MARA far behind in terms of block production.
The concentration of mining power in the hands of a few major players has raised concerns about centralization in Bitcoin mining. Luke Dash Jr., a Bitcoin Core developer, has even warned that BTC transactions may soon require at least two hours to be considered secure, compared to the current market standard of 30 to 60 minutes.
A study conducted by BTC researcher b10c revealed that AntPool’s dominance extends beyond block discovery, with evidence suggesting collusion among multiple mining pools sharing the same custodian and block template. This level of centralization poses a significant threat to the decentralization principles of Bitcoin.
The intensifying competition between China and the United States in Bitcoin mining has significant implications for the cryptocurrency’s value proposition. The growing dominance of AntPool and other major players could potentially impact the price of BTC on the market, posing a challenge for investors.
In conclusion, the race for Bitcoin mining supremacy continues to unfold, with China and the United States vying for control of this crucial aspect of the cryptocurrency ecosystem. The centralization of mining power raises important questions about the future of Bitcoin and its role in the global financial system.