Bitmain’s Crypto Mining Dominance is Dropping as New Data Shows BTC Mining is Becoming More Decentralized

By January 20, 2019 Bitcoin Business
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As Bitmain’s Grip Continues to Loosen

According to recently released statistical data from Bitaps, it now appears as though BTC mining is gradually becoming more and more decentralized with each passing day— so much so that six transaction confirmations can now provide complete protection against the issue of ‘double spending’.

The Mining Industry Is Rejoicing

There was a time when Bitmain pretty much dominated the entire Bitcoin mining industry. However, as per some of the latest statistical information to come out from within this burgeoning market domain, it now appears as though “no single mining pool” has under its control more than 11.4 percent of the currency’s total hashrate.

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Also, in relation to the above-stated matter, an independent BTC monitoring organization by the name of ‘Bitaps’ recently tweeted out the following message:

“The mining distribution is almost such that the miner’s share is no more than 10%, and, accordingly, 6 network confirmations provide complete protection against a double spend attack,”

More On The Matter

With Bitmain steadily losing its market dominance, it now appears as though Antpool is once again gaining more and more market traction with each passing day. However, owing to the turbulent past 6-12 months that Bitcoin has borne witness to, it remains to be seen what the future has in store for the mining sector as a whole.

To be more specific, we can see that due to a 35% fall in the price of Bitcoin late last November, the global crypto community witnessed a mass exodus of miners from the industry since they no longer found the venture to be profitable (as a consequence of which even the network hashrate dipped quite significantly).

With that being said, as of today, the devastating effects of Q4 2018 have subsided to a large degree— with many analysts now claiming that smaller mining operations such as SlushPool and Antpool will now be able to introduce much more competition within this burgeoning market sector.

Final Take

In rounding off this article, it is worth pointing out that newly acquired data from Bitaps shows that over the course of the past few weeks, the market shares of Antpool and BTC.com have risen to an impressive 4.5% and 13.4% respectively. Not only that, SlushPool — an entity that was once considered to be a fringe player in this market— now has control of more than 18% of the entire Bitcoin mining industry.

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