Bitcoin News Today: Bitcoin Mining Power Consolidates as Foundry Dominates Hashrate Landscape

Bitcoin’s blockchain recently reached the milestone of 910,000 mined blocks, marking a significant point in the network’s operational history. A new analysis from Bitcoin.com highlights how a relatively small number of mining entities now control the majority of the network’s computing power, reshaping the hashrate landscape [1]. This report examines the evolving dynamics among key players, from early pseudonymous adopters to large institutional operators, and how their influence has grown over time.

The study identifies early participants, including entities linked to Satoshi Nakamoto and other pseudonymous miners, who played a foundational role in the early years of Bitcoin. However, the report notes that the mining landscape has since shifted toward larger, more structured operations, with companies like Foundry emerging as dominant players. Foundry, in particular, has increased its influence through strategic acquisitions and infrastructure expansion, representing a broader industry transition from individual, energy-driven mining to capital-intensive, institutional models [1].

The report also explores patterns of hashrate volatility, especially during the 2024 bear market. Smaller mining operations were observed to exit the market, leaving room for larger entities to consolidate their positions and secure a larger share of newly mined blocks [1]. This shift has sparked renewed discussions about centralization, as a few key players now hold disproportionate control over the network’s hashrate.

Notably, the analysis emphasizes empirical data from on-chain metrics and mining pool activity, avoiding speculative commentary. It acknowledges that while the Bitcoin protocol itself remains decentralized, the operational side of mining has become increasingly concentrated. This raises broader questions about governance, network security, and the long-term sustainability of Bitcoin mining in an environment of rising energy costs, regulatory changes, and technological innovation [1].

Source: [1] From Satoshi to Foundry: The Titans of Hash Behind 910,000 BTC Blocks – Mining Bitcoin News (https://news.bitcoin.com/from-satoshi-to-foundry-the-titans-of-hash-behind-910000-btc-blocks/)