AntPool, the second-largest Bitcoin (BTC) mining pool, mined seven consecutive blocks on May 17, raising concerns within the cryptocurrency community about the network's security.
This blockchain confirmed 20,686 transactions, resulting in over 23 bitcoins, worth approximately $1.54 million in revenue.
The mining spree occurred between block heights 843,898 and 843,904, and lasted for 1 hour and 38 minutes.
Data source From mempool.space reveals that AntPool accrued fees of 1,283 BTC on top of 21,875 BTC from block support.
What adds more excitement to this development is the participation of Foundry USA, the largest Bitcoin mining pool, which mined the block preceding this sequence and the two following ones.
AntPool has mined 25.48% of all blocks in the past seven days, lagging behind Foundry USA, which has 31.12% of the network's hash rate.
Together the two companies maintain a mining dominance of 56.6%. In October 2023, Antpool briefly challenged Foundry's leadership for three days.
This event highlights the inherent risks associated with centralized mining pools, in particular susceptibility to attacks such as double spending and transaction censorship.
Observers have noted that AntPool and Foundry now control more than 50% of Bitcoin's hash rate, raising concerns about potential centralization and censorship of transactions.
“This concentration of power poses an existential threat to Bitcoin’s decentralized nature and its fundamental principle of zero trust,” TOBTC Trading LLC posted on social media.
AntPool was founded in 2013 by Bitmain Technologies, a prominent mining hardware manufacturer.
Headquartered in Beijing.
National Security Concerns About Cryptocurrency Mining
The US government has instructed a Chinese-backed cryptocurrency mining company to stop building a mine in Wyoming.
According to a May 13 order signed by President Joe Biden, MineOne Cloud Computing Investment and its partners have been instructed to sell the property adjacent to Francis E. Warren Air Force Base in Cheyenne, Wyoming.
MineOne Partners Ltd. It is a Chinese-backed cryptocurrency mining company that plans to acquire land near Francis E. Warren Air Force Base in Cheyenne, Wyoming.
The order, issued in cooperation with the US Committee on Foreign Investment in the United States (CFIUS), is intended to address concerns surrounding potential risks associated with foreign ownership of land adjacent to sensitive military installations, particularly near a nuclear missile base such as Warren. AFB.
The order calls for divestment from MineOne's cryptocurrency mining facility and removal of Chinese-owned equipment from the site within specific timelines to ensure compliance and mitigate risks.
In other reports, regulators in Norway have proposed new legislation aimed at tightening regulations on cryptocurrency mining activities conducted by data centers operating within the country.
The new law, which aims to regulate data centres, is expected to become a pioneering framework in Europe, requiring comprehensive registration of data center operators and disclosure of the services provided.
The Norwegian government, led by Digitalization Minister Karian Tong and Energy Minister Terje Åsland, stresses the need to limit projects deemed undesirable, especially targeting cryptocurrency mining due to its significant greenhouse gas emissions.
Energy Minister Terje Aasland explicitly advertiser Norway does not welcome companies that seek to exploit the country's energy resources cheaply, in line with the country's environmental goals.