AntPool, the second largest Bitcoin (BTC) mining pool, mined seven consecutive blocks on May 17, raising concerns about network security within the crypto community.
This series of blocks saw 20,686 transactions, resulting in over 23 BTC, worth approximately $1.54 million in revenue.
Mining occurred between block heights 843,898 and 843,904 and lasted 1 hour and 38 minutes.
Data obtained from mempool.space reveals that AntPool generated 1.283 BTC in fees on top of 21.875 BTC from block grants.
What makes this development even more interesting is the involvement of Foundry USA, the largest Bitcoin mining pool, which mined the block that preceded this sequence and the two that followed.
AntPool has mined 25.48% of all blocks in the past 7 days, trailing Foundry USA, which holds 31.12% of the network’s hashrate.
Both companies maintain a combined mining advantage of 56.6%. In October 2023, Antpour briefly challenged Foundry’s leadership over a three-day period.
This incident highlights the inherent risks associated with centralized mining pools, particularly their susceptibility to attacks such as double-spending and transaction censorship.
Observers noted that AntPool and Foundry currently control more than 50% of Bitcoin’s hashrate, raising concerns about potential centralization and transaction censorship.
“Such a concentration of power poses an existential threat to Bitcoin’s decentralized nature and fundamental principles of trust,” TOBTC Trading LLC posted on social media.
AntPool was founded in 2013 by Bitmain Technologies, a prominent manufacturer of mining hardware.
It is based in Beijing.
National Security Concerns about Cryptocurrency Mining
The US government has directed a Chinese-backed cryptocurrency mining company to halt construction of a mine in Wyoming.
A May 13 order signed by President Joe Biden requires MineOne Cloud Computing Investment and its partners to sell property adjacent to Francis E. Warren Air Force Base in Cheyenne, Wyoming.
MineOne Partners Ltd. is a Chinese-backed cryptocurrency mining company that was planning to acquire land near Francis E. Warren Air Force Base in Cheyenne, Wyoming.
The order was issued in conjunction with the Committee on Foreign Investment in the United States (CFIUS) and addresses the potential risks associated with foreign ownership of land adjacent to sensitive military facilities, particularly near nuclear missile bases like Warren. It aims to address concerns around risk. air force base.
The executive order requires MineOne to sell its cryptocurrency mining facilities and remove Chinese-owned equipment from the site within a specified deadline to ensure compliance and reduce risk.
According to other reports, Norwegian regulators are proposing new legislation aimed at tightening regulations on cryptocurrency mining activities carried out by data centers operating in the country.
The new law aimed at regulating data centers will be a pioneering framework in Europe, requiring comprehensive registration of data center operators and disclosure of services provided.
The Norwegian government, led by Digitalization Minister Karianne Tun and Energy Minister Terje Asland, has stressed the need to curb projects deemed undesirable, particularly crypto mining, which has high greenhouse gas emissions. I’m paying attention.
Energy Minister Terje Asland clarifies said Norway does not welcome companies seeking to exploit the country’s energy resources cheaply to meet the country’s environmental goals.
