#美PPI创两年半新高

Bitcoin 42.6% Hashrate Concentrated in the U.S., Is This a Blessing or a Curse?
U.S.-listed mining companies now account for 31.5% of the global hashrate, which is not only a result of geographic migration but also a direct reflection of capital and compliance frameworks reshaping the mining landscape. After the mining bans in 2021, the process of hashrate shifting to North America has essentially been completed, and the current 42.5% concentration signals the solidification of this trend.
The real risk to the power structure lies at the mining pool level. Leading mining pools control about two-thirds of the hashrate, holding key control over transaction selection and bundling, which presents a governance challenge more substantial than geographic concentration. Recently, seven major mining pools, including AntPool, F2Pool, and Foundry, joined the Stratum V2 working group, aiming to return block construction rights to individual miners through a new protocol, directly addressing this core contradiction.
The most noteworthy detail is that the current situation is defined as a “trend signal rather than a definitive conclusion.” This suggests that regulatory pressure and capital influence on hashrate shaping are not yet over, and that technical protocols (such as Stratum V2) and miners’ freedom to switch pools are key variables in this dynamic game. The ultimate test of network security may lie in the effectiveness of these checks and balances under extreme pressure.
On June 14, despite Bitcoin network design emphasizing decentralization and resistance to censorship, approximately 42.5% of global hashrate is concentrated in the U.S., sparking renewed discussions about the network’s censorship resistance.
Data shows that U.S.-listed mining companies already account for about 31.5% of the global hashrate, and broader statistics suggest their total influence could be even higher. Meanwhile, pools like Foundry USA have long held the largest share globally, with a single pool’s hashrate once approaching one-third.
Analysis suggests that the real risk is not merely “geographic concentration,” but the concentration at the mining pool level, because pools hold key control over transaction bundling and block template generation. Currently, leading pools control over two-thirds of the hashrate, making transaction selection rights highly centralized.
Since the mining bans in various countries in 2021, the Bitcoin network has demonstrated strong adaptability. During that period, global hashrate sharply declined in the short term but quickly shifted to the U.S., Canada, and other regions, with network security remaining intact. $BTC