U.S. Bitcoin Mining Pools Expand, Closing the Gap with Chinese Mining Networks

• U.S. mining pools have grown to control 40% of BTC’s hash rate, primarily driven by institutional miners.
• Chinese mining pools still control 55% of Bitcoin’s hash rate, serving smaller miners in Asia.
• The shift between U.S. and Chinese pools indicates a changing point in the global BTC mining space.

The space of Bitcoin mining is seeing a transition in hash rate dominance, with U.S. companies gaining ground. Once largely controlled by Chinese mining pools, U.S. pools now manage 40% of the network’s hash rate. In contrast, Chinese pools still maintain 55% control, though the balance is beginning to lean in favour of U.S. miners. 

Rise of U.S. Mining Pools

Over the past few years, U.S. mining pools have gained a position in the BTC mining network. The 40% share of the hash rate now under U.S. control has expanded considerably, driven by the rise of institutional miners in the country, as noted by Ki Young Ju via the X Space. U.S. based mining pools primarily cater to large-scale, institutional operations, focusing on advanced infrastructure and regulatory compliance.

Chinese Mining Pools Hold Majority Share

Despite the growth of U.S. pools, Chinese mining pools still control 55% of the network’s hash rate. Unlike U.S. pools catering to institutional miners, Chinese pools support smaller miners in Asia. These operations often operate with lower costs and scale, allowing them to maintain their influence in the Bitcoin mining sector.

Bitcoin Hashrate Surges to 625M TH/s

Data from Blockchain.com indicates Bitcoin’s total hash rate and market price movements over the last year, ending in September 2024. The data shows the total hash rate, measured in terahashes per second (TH/s), and Bitcoin’s market price in USD.

Source: Blockchain.com

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From October 2023 to September 2024, the total hash rate establishes a steady upward trend. Starting near 610 million TH/s in October 2023, it rises consistently, peaking above 670 million TH/s by May 2024. Following the peak, there is a slight dip in the total hash rate during June, followed by another stable rise toward the final value of around 625 million TH/s by September 2024.
The hash rate and market price movements do not seem to correlate directly. While the hash rate remains relatively steady with minor fluctuations, the market price experiences larger swings. By September 23, 2024, the chart shows a hash rate of approximately 625 million TH/s and a price of just over $61,000.