Consecutive Blocks Baptize Foundry USA as Dominant Bitcoin Miner
In a recent turn of events, Foundry USA captured everyone’s attention by mining eight Bitcoin blocks in succession. This feat, spanning from block heights 910,500 to 910,507, was a unique occurrence, gripping social media and blockchain explorers alike.
As one of the largest mining pools, controlling nearly 36% of Bitcoin’s network hashrate, Foundry demonstrated how powerful entities can temporarily monopolize block creation. The likelihood of this streak? About 1 in 12,000. Despite its rarity, experts deem it possible and not indicative of foul play.
This event raised eyebrows concerning mining centralization. With fewer dominant pools like Foundry USA, there are worries about the network’s decentralization ethos. The run acted as a stark reminder of the concentration of mining power among leading players.
The mining streak coincided with periods of low transaction fees and sparsely filled blocks. Miners mainly relied on subsidies rather than transaction fees during this interval. So, the consecutive blocks represented fixed payouts rather than extended financial gains.
- Foundry USA controls 36% of Bitcoin’s hashrate.
- Eight consecutive blocks were equally rare and mathematically plausible.
- Event fueled discussions on Bitcoin mining centralization.
Historically, similar situations sparked scrutiny, with the community striving to balance power dynamics. Thus, while the latest streak grabbed headlines, it likely won’t disrupt Bitcoin’s functioning. Yet, it nudges forward important conversations about mining centralization.
