42.6% of Bitcoin hash power is concentrated in the United States. Is this a blessing or a curse?

U.S.-listed mining companies now account for 31.5% of the global hash rate, 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 hash rate migration 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 hash rate, holding key control over transaction selection and block packaging, 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 hash rate shaping are still ongoing, 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 hash rate is concentrated in the United States, 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 hash rate, and broader statistics suggest their overall influence may be even higher. Meanwhile, pools like Foundry USA have long held the largest share globally, with a single pool’s hash rate once approaching one-third.
Analysis suggests that the true risk is not merely "geographic concentration," but the concentration at the mining pool level, as pools hold critical control over transaction packaging and block template generation. Currently, leading pools can control over two-thirds of the hash rate, making transaction selection rights highly centralized.
After the mining bans in various countries in 2021, the Bitcoin network demonstrated strong adaptability. During that period, global hash rate sharply declined in the short term but quickly migrated to the U.S., Canada, and other regions, with network security $NVDAB remaining intact.