According to the Analyst Kadan Stadelmann, as of May, AntPool and Foundry USA collectively control over 50% of Bitcoin’s hash power, which could pose a significant threat to the cryptocurrency in the near future.
This concentration of hash power is indeed alarming. Bitcoin’s security and decentralization are its core strengths, and any centralization undermines these foundational principles. When a few entities control a majority of the network’s mining power, it increases the risk of a 51% attack. In such a scenario, these mining pools could potentially manipulate the blockchain, reversing transactions or double-spending coins, which would severely damage trust in the network.