AntPool mines 7 consecutive blocks, ‘centralization trend’ continues

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

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

The mining spree took place between block heights 843,898 and 843,904 and lasted one hour and 38 minutes.

Data from Mempool.space reveals that AntPool accrued 1,283 BTC in fees in addition to 21,875 BTC from the block subsidy.

What adds interest to this development is the involvement of Foundry USA, the largest Bitcoin mining pool, which mined the previous block and the next two blocks from this series.

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

Both companies together maintain mining dominance of 56.6%. In October 2023, Antpool briefly challenged Foundry’s leadership over three days.

This incident highlights the inherent risks associated with centralized mining pools, particularly the susceptibility to attacks such as double spending and transaction censorship.

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

“Such a concentration of power poses an existential threat to Bitcoin’s decentralized nature and core principle of trust,” TOBTC Trading LLC said on social media.

AntPool was founded in 2013 by leading mining hardware manufacturer Bitmain Technologies.

It is headquartered in Beijing.

National security concerns over crypto mining

The US government has ordered a Chinese-backed cryptocurrency mining company to halt mine construction in Wyoming.

According to the May 13 order signed by President Joe Biden, MineOne Cloud Computing Investment and its partners were authorized 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 plans to purchase land near Francis E. Warren Air Force Base in Cheyenne, Wyoming.

The order, issued in cooperation with the Committee on Foreign Investment in the United States (CFIUS), aims to address concerns about potential risks of foreign ownership of land adjacent to sensitive military installations, particularly near a nuclear missile base such as Warren. AFB.

The executive order mandates the liquidation of MineOne’s crypto mining facility and the removal of Chinese-owned equipment from the facility 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, which aims to regulate data centres, is set to become a pioneering framework in Europe by requiring comprehensive registration of data center operators and disclosure of the services offered.

The Norwegian government, led by Minister of Digitalisation Karianne Tung and Minister of Energy Terje Aasland, has been emphasizing the need to block projects deemed undesirable, particularly by excluding cryptocurrency mining due to its significant greenhouse gas emissions.

Energy Minister Terje Aasland clearly stated Norway does not welcome businesses that try to exploit the country’s energy resources cheaply, in line with the country’s environmental goals.