Foundry USA has control over 36.5% of the total Bitcoin network hashrate.
The group recorded an increase in its hashrate during 2024, from 157 EH/s to 280 EH/s.
According to data from The Miner Mag, at the end of 2024 the United States consolidated its position as the world leader in cryptoasset mining, accumulating more than 40% of the global hashrate. The Foundry USA and MARA Pool pools stood out by jointly mining more than 38.5% of all Bitcoin blocks.
The company specialized in mining analysis stressed that Foundry USA recorded an increase in its hashrate during 2024, growing from 157 EH/s at the beginning of the year to approximately 280 EH/s in December. This advance consolidated its position as the largest Bitcoin mining pool, leaving behind Antpool, its main Asian competitor affiliated with Bitmain.
In comparison, Antpool’s advance was more modest, going from 130 EH/s to 147 EH/s, an increase that was far from the global increase in the hashrate of the Bitcoin network, which went from an average of 521 EH/s to 778 EH /s –an increase of 49%-.
These results highlight Foundry USA’s role as the largest mining pool in the world, with control over 36.5% of the total hashrate of the Bitcoin network. According to The Miner Mag, part of this growth could be attributed to the redirection of US-based miners’ hashrate from international pools.
In contrast, MARA Pool currently controls about 32 EH/s, which represents 4.35% of the total hashing power. Since the publication, the two American groups have shown extraordinary annual growth, with rates of 68% and 168% respectively.
The letter also points out that, before 2021, much of the global hashrate was concentrated in Chinese pools, fueling fears about network centralization. However, after China’s mining ban that same year, the United States took the lead and began promoting a more decentralized and competitive model.
Despite the mining boom in the US, Chinese pools still have a huge influence on the Bitcoin network. In September 2024, Ki Young Ju, founder of CryptoQuant, stood out on social network Ju explained that while operations in the US are primarily aimed at institutional miners, Chinese groups continue to support smaller miners in Asia.
Bitcoin mining has seen significant changes in recent years, driven by the power dynamics between the United States and China. The veto imposed by the Chinese government accelerated the migration of miners, many of whom found the United States an ideal refuge thanks to its more open policies and favorable energy infrastructure.
It is worth noting that mining in the United States began to be especially notable in Texas, where the industry experienced accelerated growth. This boom was accompanied by a significant shift in political stance, as figures such as Donald Trump highlighted the urgency for the country to take leadership in the cryptocurrency sector, warning that if they did not take the lead, China would.
Decentralization allows more regions to participate in the mining process and obtain the economic benefits derived from it. When mining pools are distributed across multiple countries, greater competition is encouraged. Each pool and each country seeks to innovate and optimize its operations to remain competitive.