AntPool mines 7 consecutive blocks, ‘centralization trend’ continues

AntPool,
the
second-largest
Bitcoin
(BTC)
mining
pool,
mined
seven
consecutive
blocks
on
May
17,
sparking
worries
within
the
cryptocurrency
community
about
network
security. 

This
series
of
blocks
confirmed
20,686
transactions,
resulting
in
over
23
BTC,
valued
at
approximately
$1.54
million
in
revenue.

The
mining
spree
occurred
between
block
heights
843,898
and
843,904,
lasting
one
hour
and
38
minutes.

Data
sourced
from
mempool.space
reveals
that
AntPool
accrued
1.283
BTC
in
fees
in
addition
to
21.875
BTC
from
the
block
subsidy.

What
adds
intrigue
to
this
development
is
the
involvement
of
Foundry
USA,
the
largest
Bitcoin
mining
pool,
which
mined
the
block
preceding
this
sequence
and
the
following
two
blocks. 

AntPool
has
mined
25.48%
of
all
blocks
in
the
last
seven
days,
trailing
behind
Foundry
USA,
which
holds
31.12%
of
the
network’s
hashrate. 

Together,
both
companies
maintain
a
56.6%
mining
dominance.
In
October
2023,
Antpool
briefly
challenged
Foundry’s
leadership
for
three
days.

This
event
underscores
the
inherent
risks
linked
with
centralized
mining
pools,
notably
the
susceptibility
to
attacks
such
as
double-spending
and
transaction
censorship.

ADVERTISEMENT

Observers
noted
that
AntPool
and
Foundry
now
control
over
50%
of
Bitcoin’s
hash
rate,
raising
concerns
about
potential
centralization
and
transaction
censorship.

“Such
power
concentration
poses
an
existential
threat
to
Bitcoin’s
decentralized
nature
and
its
foundational
principle
of
trustlessness,”
TOBTC
Trading
LLC
posted
on
social
media.

AntPool
was
founded
in
2013
by
Bitmain
Technologies,
a
prominent
manufacturer
of
mining
hardware.

It’s
based
in
Beijing.

National
security
concerns
over
crypto
mining

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

According
to
a
May
13
order
signed
by
President
Joe
Biden,
MineOne
Cloud
Computing
Investment
and
its
partners
are
mandated
to
sell
off
the
property
adjacent
to
the
Francis
E.
Warren
Air
Force
Base
in
Cheyenne,
Wyoming.

MineOne
Partners
Ltd.
is
a
Chinese-backed
cryptocurrency
mining
company
that
planned
to
acquire
land
near
the
Francis
E.
Warren
Air
Force
Base
in
Cheyenne,
Wyoming

The
order,
issued
in
collaboration
with
the
U.S.
Committee
on
Foreign
Investment
in
the
United
States
(CFIUS),
aims
to
address
concerns
surrounding
potential
risks
associated
with
foreign
ownership
of
land
adjacent
to
sensitive
military
installations,
particularly
in
proximity
to
a
nuclear
missile
base
like
Warren
AFB.

The
executive
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.

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,
aimed
at
regulating
data
centers,
is
poised
to
become
a
pioneering
framework
in
Europe,
requiring
comprehensive
registration
of
data
center
operators
and
disclosure
of
services
offered.

The
Norwegian
government,
led
by
Digitalization
Minister
Karianne
Tung
and
Energy
Minister
Terje
Aasland,
emphasizes
the
need
to
curb
projects
deemed
undesirable,
particularly
singling
out
cryptocurrency
mining
due
to
its
substantial
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.