U.S. Leads Global Bitcoin Hashrate Growth, Contributing Over 40% by End of 2024

This milestone reflects significant contributions from U.S.-based mining pools, Foundry USA and MARA Pool, which collectively mined over 38.5% of Bitcoin blocks during the year.

Foundry USA, already the world’s largest Bitcoin mining pool by hashrate, more than doubled its computing power, starting the year at 157 EH/s in January and closing it at an impressive 280 EH/s by December 2024. This is a growth of 68% within one year and thus puts Foundry in charge of 36.5% of the total hashrate on the Bitcoin network.

Market share of bitcoin mining pools. Source: TheMinerMag

The MARA Pool also grew remarkably to scale its hashrate to 32 EH/s, which accounted for 4.35% of global hash power. Combined, these pools have played a key role in increasing the U.S. share of Bitcoin mining power.

Chinese mining pools remain influential despite U.S. advances, commanding an estimated 55% of the global hashrate, according to CryptoQuant CEO Ki Young Ju. That’s despite a 2021 ban on cryptocurrency mining in China. Chinese miners continue to circumvent restrictions through virtual private networks (VPNs) and P2P applications that allow them to contribute to mining pools anonymously.

Bitcoin mining pools comparison. Source: Hashrate Index

It is complicated to determine the exact geographical distribution of mining power. While some mining pools are headquartered in specific countries, their hashrate contributions often come from international participants. For example, Bitmain, a leading mining hardware manufacturer, reportedly sold 32 EH/s of U.S.-generated hashrate to a Chinese company in late 2024, further blurring regional distinctions.

This has also concentrated mining power in the hands of a few large pools, raising debates on the risks it creates for the decentralized nature of Bitcoin. Rajiv Khemani, CEO of mining chip maker Auradine, emphasized the potential for vulnerabilities: “No single country or entity should control the majority of Bitcoin’s hashrate.”

He further reiterated that such critical infrastructure, like ASICs, should be manufactured from a diverse number of sources to avoid supply chain risks and ensure the integrity of the Bitcoin network.

Notably, amid concerns of centralization, the U.S. has made attempts at strengthening its mining infrastructure. Mining hardware giant Bitmain recently expanded production operations in the U.S. to enhance supply chain efficiency and adapt to geopolitical challenges.

At the same time, Bitcoin mining is supported by legislative efforts in states like Texas. The North American Blockchain Summit in late 2024 unveiled discussions on establishing a Strategic Bitcoin Reserve to further cement the U.S.’s leadership in the sector.

Although the United States’ position in Bitcoin mining marks a vital achievement, industry leaders caution that more needs to be done if it is to be truly decentralized and secure. While the hashrate debate continues, only by regulators, leaders in the sector, and miners themselves taking responsibility will problems and opportunities alike begin to be resolved and explored further in the future of Bitcoin mining.

This is a fundamental shift that underlines the changing global landscape of Bitcoin, where the U.S. is increasingly becoming crucial for the security of the network while juggling decentralization and geopolitical dynamics.