According to analyst Jacob King, Foundry currently has a 33.63% market share of Bitcoin mining hashrate, while AntPool represents 17.94%. Together, these two pools dominate over 50% of the network's hashrate, raising concerns about centralization in BTC mining.
This means that if these two Bitcoin mining pools were to combine, they would exceed the 51% threshold of hashrate control. In theory, this would open up the possibility of an attack aimed at manipulating the network.
"Once reality sets in about how centralized, manipulated, and useless BTC really is, everything will collapse faster than ever. It’s essentially a big game of musical chairs!" shared Jacob.
Some community members have also openly acknowledged that Bitcoin mining has become "extremely centralized." Evan Van Ness's statistics show that three mining pools frequently have more than 80% of the global hashrate.
This is the first time that mining concentration has reached such a dangerous threshold in over a decade. It has shaken the community's confidence in decentralization, the foundation of Bitcoin.
Many experts are questioning whether the Proof-of-Work (PoW) mechanism is still suitable to serve as the backbone of the global financial system. Its vulnerabilities, such as the risk of a 51% attack, raise concerns about its long-term viability.
Some analysts warn that this situation could transform Bitcoin from a decentralized asset into a perceived "risk and burden" for institutional investors. This shift could also impact the financial system as a whole.
If a 51% attack were to occur, the controlling mining pools could manipulate transaction validation and block or reverse confirmed transactions.
This could also enable double spending, compromising the integrity of the Bitcoin network.
Such a scenario would cause financial losses and destroy confidence in Bitcoin as a safe-haven asset.
Although hashrate and difficulty are currently at a record level, concerns about a possible 51% attack have added psychological pressure to the market.
Experts point out that executing a 51% attack on Bitcoin is extremely costly, requiring substantial infrastructure and energy resources. This high barrier makes such an attack logistically challenging despite the concentration of mining power.
Moreover, the economic incentives of mining pools may limit the likelihood of a 51% attack, as it could cause the price of Bitcoin to collapse. Such a collapse would directly harm those who control the hashrate themselves.
However, the perception that Bitcoin is vulnerable to a 51% attack can generate significant concern among investors. This fear alone is enough to heighten worries about systemic risk.
