China Leads Bitcoin Hashrate, But U.S. Mining Pools Are Gaining Ground

The majority of Bitcoin’s hashrate is still controlled by Chinese mining pools, but American-based pools are catching up. Chinese pools presently control 55% of the network’s processing capacity, while U.S. pools control 40%, according to Ki Young Ju, CEO of Cryptoquant.

In a recent post, Ki Young Ju shared insights into Bitcoin’s global hashrate distribution. “Bitcoin hashrate dominance is shifting to U.S. mining companies,” he said. While China leads the network’s computational power, U.S. pools are rapidly growing, mainly supporting institutional miners, whereas Chinese pools cater to smaller operations in Asia.

As of mid-September 2024, Cryptoquant’s data shows China’s mining pools control 54.86% of Bitcoin’s total hashrate. U.S. pools manage 39.58%, with smaller contributions coming from other countries like the Czech Republic (2.09%) and Japan (0.94%).

Foundry USA vs. Antpool

Throughout 2024, Foundry USA was the #1 mining pool, but Antpool recently overtook it. Antpool now controls 191.88 EH/s, or 30% of the global hashpower. Conversely, Foundry USA provides 173.89 EH/s, or 27.17% of the power in the worldwide network.

The fact that Chinese and American mining pools are becoming more competitive highlights how the Bitcoin mining landscape is changing. The dynamics of the bitcoin market may shift in the future as smaller businesses adjust to these developments and institutional miners gain clout.