Two major Bitcoin mining pools now control more than half of the network’s total computing power, sparking serious concerns about the cryptocurrency’s fundamental principle of decentralization.
Foundry currently commands 33.63% of Bitcoin’s mining hashrate, while AntPool controls another 17.94% of the network’s power. Together, these two pools now hold over 51% of all Bitcoin mining activity, marking the highest mining concentration since 2014 when GHash.io faced similar scrutiny.
The development has raised alarm bells within the cryptocurrency community, as such concentration theoretically opens the door for a coordinated attack on the Bitcoin network. Analyst Jacob King highlighted the severity of the situation, noting that “the door is wide open for a 51% attack, which could completely destroy BTC.”
Unprecedented Mining Consolidation
This level of concentration represents a significant shift in Bitcoin’s mining landscape. Statistics show that the top three mining pools frequently control over 80% of Bitcoin’s global hashrate, creating what many view as an unacceptable level of centralization for a network designed to be decentralized.
The implications of this concentration extend beyond theoretical concerns. A 51% attack would allow controlling parties to manipulate transaction validation, potentially reverse confirmed transactions, or enable double-spending scenarios. While such an attack would be extremely costly—estimated at around $1.1 trillion to execute—it could severely damage confidence in Bitcoin as a secure asset.
Adding to centralization concerns, Foundry USA recently mined eight consecutive blocks in a row, an unusual event that has been interpreted as further evidence of growing centralization risks within the network. The rise in empty blocks, which contain no transactions and generate minimal fees for miners, has also become a concern as it suggests miners are prioritizing speed over network efficiency.
Market Pressures Intensify
The mining concentration comes amid broader challenges facing Bitcoin miners. Network difficulty has reached a record high of 129 trillion as of August, 2025, while the average hashprice stands at just $60 per PH/s, signaling compressed profitability and tighter margins for mining operators.
Adding to operational pressures, Bitcoin miners are grappling with Trump-era tariffs on mining hardware reaching up to 57.6%, significantly raising costs for operators. These tariffs on ASIC miners are forcing operators to adopt energy efficiency upgrades and hedging strategies to maintain profitability.
The mining industry consolidation appears to be accelerating, with analysts warning that high-cost miners may be forced to exit the market, potentially leading to even greater concentration among the remaining large-scale operations.
Bitcoin’s price has declined toward the $110,530 support level while facing broader macroeconomic pressures, adding additional strain to an already challenged mining sector. The combination of regulatory uncertainty, rising operational costs, and market volatility is creating a perfect storm that may further consolidate mining power among the largest and most efficient operators.
This development marks a critical juncture for Bitcoin, as the cryptocurrency community grapples with balancing network security, decentralization, and the economic realities facing mining operations in an increasingly competitive and regulated environment.
