AntPool mines seven consecutive blocks as centralization trend persists

Exciting News! AntPool, the second-largest Bitcoin (BTC) mining pool, recently made waves by mining seven continuous blocks on May 17, causing a buzz in the cryptocurrency community about network security.

This mining spree led to the confirmation of a whopping 20,686 transactions, resulting in over 23 BTC, valued at around $1.54 million in revenue.

Spanning across block heights 843,898 to 843,904, this mining streak lasted an impressive one hour and 38 minutes.

Exciting data from mempool.space indicates that AntPool collected 1.283 BTC in fees along with 21.875 BTC from the block subsidy.

But wait, there’s more! Foundry USA, the largest Bitcoin mining pool, also played a part by mining the block just prior to this streak and the following two blocks.

In the last seven days, AntPool managed to mine 25.48% of all blocks, trailing behind Foundry USA with 31.12% of the network’s hash rate.

Together, these two companies hold a combined mining dominance of 56.6%. Interesting fact: In October 2023, Antpool briefly challenged Foundry’s leadership for three days.

This event sheds light on the potential risks associated with centralized mining pools, notably the vulnerability to attacks like double-spending and transaction censorship.

Observers have raised concerns about AntPool and Foundry now controlling over 50% of Bitcoin’s hash rate, which could lead to centralization and transaction censorship.

“Such concentration of power poses a risk to Bitcoin’s decentralized structure and its core principle of trustlessness,” TOBTC Trading LLC shared on social media.

Did you know that AntPool was established in 2013 by Bitmain Technologies, a renowned mining hardware manufacturer, with its headquarters in Beijing?

Hot Topic: National security and crypto mining

The U.S. government has issued a directive to a Chinese-backed cryptocurrency mining company to cease the construction of a mine in Wyoming.

President Joe Biden’s recent order requires MineOne Cloud Computing Investment and its partners to sell off property near the Francis E. Warren Air Force Base in Cheyenne, Wyoming.

MineOne Partners Ltd., a Chinese-backed crypto mining company, had plans to buy land close to the Francis E. Warren Air Force Base, sparking concerns about foreign ownership near sensitive military installations like a nuclear missile base.

The aim of the executive order, in collaboration with the U.S. Committee on Foreign Investment in the United States (CFIUS), is to address potential risks linked to foreign land ownership near military bases like Warren AFB.

This order mandates the divestment of MineOne’s crypto mining facility and the removal of Chinese-owned equipment within specific timelines to ensure compliance and mitigate risks.

In related news, regulators in Norway are proposing new legislation to strengthen regulations on cryptocurrency mining activities performed by data centers in the country.

This new law, designed to regulate data centers, is set to become a pioneering framework in Europe, requiring detailed registration of data center operators and disclosure of services provided.

The Norwegian government, under the leadership of Digitalization Minister Karianne Tung and Energy Minister Terje Aasland, highlights the importance of curbing undesirable projects, with a specific focus on cryptocurrency mining due to its significant greenhouse gas emissions.

Energy Minister Terje Aasland made it clear that Norway is not receptive to businesses looking to exploit the country’s energy resources inexpensively, aligning with the nation’s environmental objectives.

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