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Bitmain’s Bitcoin Hashrate Decreases to 25%, Industry Reshuffle May be Ahead

The China-based crypto mining giant Bitmain has lost a chunk of bitcoin hashrate amid the crypto winter, contributing only 24.8 percent of the bitcoin network hash rate in the past three days, according to btc.com.

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Though still on the top of bitcoin hash rate distribution, the two leading mining pools under Bitmain, BTC.com and AntPool, control only 24.8 percent of the total bitcoin hash rate in these days, a shrink of 20 percent from its alarming highs. Six months ago in mid-2018, the figure reached a high of 43.9 percent approaching the dreaded 51% threshold, which triggered concerns that Bitmain might stage a 51% attack.

According to the bitcoin hash rate distribution, F2Pool has surpassed AntPool to be the second largest mining pool, running close after BTC.com with only 1.1 percent gap; SlushPool, with 11.26 percent of the network hash rate, ranked tied for third with AntPool. It shows that the gap between the top five mining pools is narrowing.

The BTC hash rate distribution between the major bitcoin mining pools becomes more averaged, whereas the hash rate of BCH is highly concentrated. Data showed that BTC.top controlled 50.2% of the BCHABC network hash rate at some point of the day.

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It seems that the BCH hash war has some good for the Bitcoin community, at least the mining sector is becoming less centralized as it was before. With major companies exiting crypto mining business, massive layoffs, crypto price continuing depreciating, another reshuffle of the mining industry may be ahead.

It has been 10 years since the bitcoin genesis block was mined on Jan 3 2009. In the past 10 years, 556,780 blocks have been mined, and nearly 400 million transfers have been facilitated. Mining award has been halved twice in 2012 and 2016, respectively, and 1,800 BTC are produced every day. Compared with that of 10 years ago, the difficulty of mining has increased by 10 trillion times, and block size was 205.15GB, with an average daily increase of 130MB. The total number of nodes has reached 10,236, double that of 2017.

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