New Report Highlights Increasing Decentralization of Bitcoin Mining
Statistics from Canaccord say no pool controls more than 20 percent of the mining market, a major difference from 2014.
Canaccord, which tracks the blockchain and digital currency sectors along with its other financial operations, highlighted the increasingly wide distribution of Bitcoin’s hash rate over the past five years.
This, the report says, represents a competitive marketplace which in turn makes the largest cryptocurrency less vulnerable to attack.
Multiple mining pools currently contribute to Bitcoin network transaction processing, with that number increasing significantly since 2014.
According to Canaccord’s data, in 2014, the Ghash.io pool controlled around half the market. Five years later, no single pool controls more than 19 percent of hash rate as of Feb. 2.
The current largest stakeholder remains Antpool, the report notes, which along with ViaBTC belongs to Bitcoin mining giant Bitmain. The company has seen mixed fortunes over the past year, with its share of the mining sphere correspondingly reduced.