Bitcoin is based on blockchain technology and a decentralised account book in which all transactions are recorded and booked. In order to keep the blockchain running, miners are digging for the digital currency around the globe. Remuneration for mining has led to a worldwide run on increasingly efficient equipment for mining Bitcoin.
Even though many think that Bitcoin startups such as Coinbase, Blockchain or BitPay are the most important companies in the Bitcoin industry, in reality they are companies that are active in the Bitcoin mining industry.
This could ruin Bitcoin
The miners form the backbone of Bitcoin because they provide a secure and decentralized network. The decentralization of the Bitcoin industry offers many benefits, but also carries some risks: If, for example, the top 3 companies in the mining industry were to merge now, they would have control over 51% of the network and could overwrite the blockchain.
Some miners own their own mining equipment and mine alone, while others join a mining pool and mine together, accelerating the resolution of the complex Bitcoin formula. There are some top dogs among the mining companies.
According to Business Insider magazine and Blocktrail, the 5 largest companies are the following
AntPool – Bitmain was founded in the first quarter of 2013 with Jihan Wu as CEO. The company prides itself on owning 56% of the world’s Bitcoin miners. Bitmain claims 17.82% of the hash rate (computing power).
DiscusFish/P2Pool – officially known as F2Pool, the Chinese mining company has also earned the nickname DiscusFish due to its logo. The company is managed by Wang Chun and Mao Shihang. A company spokesman told the business insider that F2Pool does not own its own mining hardware; 100% of the hash rate comes from the users of the pool. With a hash rate share of 16.49%, the company ranks 2nd.
BitFury – BitFury is the most heavily funded Bitcoin mining hardware company. In July 2015, the company received $20 million. This was already the third financing round. In total, BitFury has already attracted $60 million in venture capital. BitFury controls 16.4% of the total computing power.
BTC China Pool – BTC China Pool is a newcomer to the scene. The company was launched at the end of 2014. Under the direction of Bobby Lee, the company reached fourth place with a share of 13.74%.
BW Pool – BW Pool is another Chinese mining pool. In the English speaking world, BW Pool is virtually unknown, although the company already claims 7.68%.
top mining pools
Source: https://www.blocktrail.com/BTC These are the top 5 companies in the Bitcoin mining industry.
These are the top 5 companies in the Bitcoin mining industry. Although there are some companies that have also started a run to the top, these companies still claim a total share of 72.13% for themselves. Fortunately, all participants are trying to maintain a decentralized network and not exceed the 51% mark.