US Leads Bitcoin Mining Revolution, Dominating Global Hashrate

By the end of 2024, the United States solidified its position as a key player in Bitcoin mining, contributing over 40% of the global hashrate.

Foundry USA and MARA Pool, two leading U.S.-based mining pools, collectively mined nearly 38.5% of Bitcoin blocks during this period.

Foundry USA experienced significant growth in its mining capacity, increasing its hashrate from 157 exahashes per second (EH/s) in early 2024 to around 280 EH/s by December, making it the largest mining pool on the network with a commanding 36.5% share. MARA Pool, while smaller, maintained a steady presence with 32 EH/s, representing 4.35% of the total hash power.

Despite these achievements, China remains a dominant force in Bitcoin mining. Reports from September 2024 indicated that Chinese mining pools still controlled 55% of the global hashrate, even in the face of a 2021 cryptocurrency ban. Chinese miners have been able to bypass restrictions using VPNs to obscure their locations and connect to international mining pools. Peer-to-peer apps further enable them to trade cryptocurrencies despite governmental barriers.

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Mining pools’ global nature complicates assessing true geographical hashrate distribution. While pools may be headquartered in specific countries, their computing resources often originate from diverse international contributors, as noted by TheMinerMag.

Alexander Zdravkov