Bitmain will no longer be a leader in the Bitcoin mining industry

By Selena On Dec 5, 2019

One of the largest companies in the crypto industry, Blockchain, has just released a new report stating changes in how blocks are distributed within some of the biggest mining pools. And while mining companies are constantly updating new mining tools, research from Blockchain shows that the competition is still weak, and there is no real name in the field yet.

Bitcoin mining industry has changed

? Our data science team looked at how the proportion of blocks mined by top pools has changed over the past few years. Encouragingly, there seems to be a large degree of competition across these pools. Check out the latest values of these figures here: https://t.co/WxWJDvmzGG pic.twitter.com/yw7mx4Hizk

— Blockchain (@blockchain) December 3, 2019

Last year, mining company BTC.com – owned by Bitmain – was the leading mining group previous year. However, in the past few years, the market share has gradually decreased. And so far, it seems that BTC.com accounts for only about 15.5% of all Bitcoin blocks mined.

Meanwhile, Poolin, a company founded by a former employee from Bitmain, seems to be leading the way. The company only entered the field of cryptocurrency mining in 2017 and is continually growing. Poolin’s market share is 16.6%, which is expected to become a market dominance.

The third and fourth place belonged to pool F2Pool (14.8%) and AntPool (9.9%). In particular, AntPool is the only pool to maintain market share stability for the past two years, even in the fourth position.

Meanwhile, other non-famous pools account for 24.7% of the total number of mined blocks. This is good news because it helps decentralize the Bitcoin network.

In the first half of 2018, the total number of blocks mined between BTC.com, AntPool, and ViaBTC almost reached 51% hash rate. This puts the entire network at a 51% attack. Because unspecified groups account for a larger share of mined blocks, this risk is easy to avoid.

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