U.S. Bitcoin Mining Pools Capture 40% Hash Rate as Chinese Pools Maintain Majority

• U.S. Bitcoin mining pools have secured 40% of the network’s hash rate, driven by large institutional miners and advanced infrastructure.
• Chinese mining pools still maintain a 55% majority, catering to smaller miners in regions with lower operational costs.
• Bitcoin’s hash rate reached 625M TH/s by September 2024, while the market price fluctuated around $61,000, showing volatility.

U.S. mining pools have continued to increase their influence in the Bitcoin mining space, securing 40% of the total network’s hash rate. This growth is primarily driven by the emergence of institutional miners in the United States. Meanwhile, Chinese pools still maintain a significant 55% share, though the balance is slowly shifting in favor of the U.S. These figures point to a notable transformation in the global mining landscape, signaling a shift in control between the two major mining regions.

Rise of Institutional Mining in the U.S.

Institutional mining operations in the U.S. have been a major factor in the rise of U.S. mining pools. According to data from Blockchain.com, these operations have helped the U.S. gain significant ground, capturing 40% of the total hash rate. U.S. miners benefit from advanced infrastructure and regulatory frameworks that allow for large-scale, efficient operations. Moreover, many of these mining companies have adopted renewable energy sources, aligning their practices with global sustainability goals. These factors have contributed to the growing share of U.S.-based pools in the Bitcoin network.

Chinese Pools Maintain Majority Share

Despite the growth of U.S. mining pools, Chinese pools still control 55% of Bitcoin’s hash rate. However, unlike the large, institutional operations in the U.S., Chinese pools cater more to smaller miners. Many of these miners are concentrated in regions where electricity costs are lower, allowing them to remain competitive. This cost advantage has enabled Chinese mining pools to maintain their dominant position in the global mining landscape, though the gap between U.S. and Chinese pools is narrowing.

Bitcoin Hash Rate and Price Movements

In addition to the regional shift in hash rate control, Bitcoin’s total hash rate has experienced steady growth over the past year. From October 2023 to September 2024, the hash rate increased from 610 million terahashes per second (TH/s) to a peak of over 670 million TH/s by May 2024. By September 2024, the total hash rate stabilized at around 625 million TH/s. While the hash rate has shown a consistent upward trend, Bitcoin’s market price has been more volatile, with a price of just over $61,000 recorded in late September 2024.