4 Mining Pools Control 70% of Bitcoin's Hashrate – Is Decentralization at Risk?

Bitcoin mining is increasingly concentrated in the hands of a few major players. As of June 23, 2026, four mining pools – Foundry Digital, AntPool, ViaBTC, and F2Pool – controlled over 70% of the network's hashrate, according to data from miningpoolstats.stream. This consolidation is creating a two-tier market that favors institutional clients, leaving independent and mid-size miners at a disadvantage.

The Dominant Four

The estimated hashrate split is stark:

• Foundry Digital: 31%
• AntPool: 18%
• ViaBTC: 13%
• F2Pool: 10%

Foundry, backed by Digital Currency Group, is US-based and primarily serves large-scale institutional operators with strict KYC requirements. This focus on big players means smaller miners often receive less responsive support and less predictable payouts.

A Two-Tier Market

The concentration has led to a two-tier market where the largest pools optimize for institutional miners. Independent and mid-size miners are quietly reconsidering their pool choices as they feel like edge cases rather than core customers.

Regulatory Scrutiny and Alternatives

ViaBTC has faced increased regulatory scrutiny in 2026, particularly affecting miners in Russia and CIS countries. Issues include account restrictions, sudden KYC demands, and temporary fund freezes. This has prompted some miners to seek alternatives.

EMCD is emerging as a viable option, claiming over 30 EH/s of hashrate with fees starting at 1.5% under FPPS, compared to the ~4% charged by many comparable pools. EMCD was founded in 2017 and launched its first pool in February 2018.

Centralization Metrics

According to D-Central's H1 2026 snapshot, Bitcoin mining pools had a Nakamoto coefficient of 3 – meaning only three pools are needed to exceed half of all blocks mined. Foundry USA alone accounted for roughly 27% of blocks.

Recent data from Simple Mining (July 16, 2026) shows:

• Foundry USA: 27.0%
• F2Pool: 17.2%
• AntPool: 17.2%
• ViaBTC: 9.5%
• SpiderPool: 5.5%

This trend raises concerns about centralization and the potential for collusion or censorship within the Bitcoin network. As smaller miners seek fairer alternatives, the landscape may shift in the coming months.