Foundry USA's Dominance Sparks Centralization Fears in Bitcoin Mining

The current state of Bitcoin's mining landscape is becoming increasingly concentrated, with Foundry USA controlling an impressive 32% of the global hashrate. As of September 2026, the network difficulty stands at 127.45 T and the 7-day network hashrate is near 946 EH/s. This concentration puts three mining pools, Foundry USA, AntPool, and F2Pool, in a position where they exceed the 51% production threshold. Together, these entities control over 61% of the network, creating a Nakamoto coefficient of three.

Foundry USA's massive scale means that one operator's block template decisions can affect a large fraction of Bitcoin production. The company uses the FPPS payout method and maintains a fully custodial model, providing 0% fees for qualifying miners. However, its connection to Digital Currency Group raises concerns about the potential for centralization.

The current market structure favors large-scale, efficient operators over smaller, decentralized participants. With most miners relying on the 3.125 BTC subsidy and transaction fees to cover costs, fees remain a thin slice of income. The current hashprice sits near $38.96 per PH/s per day, with large-scale miners maintaining an edge over older machines.