AntPool successfully mines 7 blocks in a row, displaying remarkable consistency.
AntPool, the second-largest Bitcoin mining pool, made headlines on May 17 when it successfully mined seven consecutive blocks. This raised concerns within the cryptocurrency community about the security of the network. During this mining spree, a total of 20,686 transactions were confirmed, resulting in over 23 BTC, valued at approximately $1.54 million in revenue. The mining activity took place between block heights 843,898 and 843,904, lasting for one hour and 38 minutes.
According to data from mempool.space, AntPool received 1.283 BTC in fees and 21.875 BTC from the block subsidy. What makes this development even more intriguing is the involvement of Foundry USA, the largest Bitcoin mining pool. Foundry USA mined the block preceding the sequence of blocks mined by AntPool, as well as the two blocks that followed.
In the past seven days, AntPool has mined 25.48% of all blocks, while Foundry USA holds 31.12% of the network’s hashrate, making it the leader. Together, both companies control 56.6% of the mining dominance. It’s worth noting that in October 2023, AntPool briefly challenged Foundry USA’s leadership for three days.
This event highlights the risks associated with centralized mining pools, particularly the vulnerability to attacks such as double-spending and transaction censorship. Observers have raised concerns about the fact that AntPool and Foundry USA now control over 50% of Bitcoin’s hash rate, which could potentially lead to centralization and transaction censorship. TOBTC Trading LLC posted on social media, stating, “Such power concentration poses an existential threat to Bitcoin’s decentralized nature and its foundational principle of trustlessness.”
AntPool was established in 2013 by Bitmain Technologies, a well-known manufacturer of mining hardware. The company is based in Beijing.
In other news related to cryptocurrency mining, the U.S. government has issued an order to a Chinese-backed cryptocurrency mining company, MineOne Cloud Computing Investment, to halt the construction of a mine in Wyoming. The order, signed by President Joe Biden, is in collaboration with the U.S. Committee on Foreign Investment in the United States (CFIUS). It aims to address concerns regarding the risks associated with foreign ownership of land near sensitive military installations, such as the Francis E. Warren Air Force Base in Cheyenne, Wyoming. The order mandates the divestment of MineOne’s crypto mining facility and the removal of Chinese-owned equipment from the site within specific timelines to ensure compliance and mitigate risks.
Additionally, regulators in Norway have proposed new legislation to tighten regulations on cryptocurrency mining conducted by data centers in the country. This new law, which is set to become a pioneering framework in Europe, requires comprehensive registration of data center operators and disclosure of services offered. The Norwegian government emphasizes the need to control projects deemed undesirable, particularly singling out cryptocurrency mining due to its significant greenhouse gas emissions. Energy Minister Terje Aasland explicitly stated that Norway does not welcome businesses seeking to exploit the country’s energy resources cheaply, aligning with the nation’s environmental goals.
