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Report Emphasizes Rising Decentralization of Bitcoin Mining

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Bitcoin (BTC) mining has been transformed into a more decentralized operation and continues its diversification.

This is according to a new report from Canadian wealth management company Canaccord.

Canaccord, which keeps track of the blockchain and digital currency spheres along with its other financial functions, stressed the increasingly wide distribution of Bitcoin’s hash rate over the past half-decade.

According to the report, this marks a competitive marketplace that makes the largest cryptocurrency less vulnerable to attack.

A number of mining pools at the moment contribute to Bitcoin network transaction processing, with that number rising substantially since 2014.

Canaccord’s data indicated that in 2014, the Ghash.io pool controlled around half the market. Five years later, no single pool has control over more than 19 percent of hash rate as of February 2.

The current largest stakeholder is Antpool, which along with ViaBTC is under the umbrella of Bitcoin mining giant Bitmain. The company has seen a mixed bag of results over the past year, with its share of the mining sphere significantly diminished.

Figures regarding mining pools differ by source. Data from Blockchain.com currently places Antpool’s share at 10.5 percent, while Bitaps says it is closer to 8.5 percent.

More generally, Bitcoin’s hash rate has been on the rise since the month of November, when a downward spiral in Bitcoin prices led miners to reduce activity over profitability issues.

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