Who Are the Top Five Companies Controlling the Bitcoin Industry?

Bitcoin runs on a blockchain, a decentralised and public ledger where every transaction made on the network is permanently registered. By suggesting processing power towards this, users are rewarded with bitcoin creating a run to assemble everzwijn more sophisticated and powerful equipment to mine fresh bitcoin.

Albeit many think that startups like Coinbase, Blockchain, or BitPay are some of the most significant companies te the bitcoin mining industry, ter fact where the most significant bitcoin companies reside.

The miners form the core backbone of bitcoin, ensuring the digital currency’s integrity and decentralization. This decentralization of he bitcoin industry has ample benefits, but also comes with fresh risks: Right now, if just the top three organizations joined coerces they would control 51% of the network — providing them the power to rewrite the blockchain spil they see getraind. And if this happens, it can ruin bitcoin.

Some individuals have their own mining machines to mine alone while others join open mining pools where they combine their efforts to improve their chances to get freshly issued bitcoin. However, larger companies are leading the mining efforts. According to Business Insider and gegevens collected from Blocktrail the Five companies leading the Industry listed below:

  1. AntPool — Bitmain wasgoed launched te Q1 2013, and co-founder Jihan Wu is the CEO. It boasts that its technology accounts for 56% of global bitcoin miners. Bitmain comes very first with a total hash rate of 17.82%.
  2. DiscusFish/P2Pool — officially known spil F2Pool, this Chinese pool is also known spil DiscusFish due to its logo — a discus fish. It is operated by Wang Chun and Mao Shihang. A spokesperson told Business Insider that the pool possesses no hardware itself, 100% of its hash power comes from users. DiscusFish gets 2nd place with a total hash rate of 16.49%.
  3. BitFury — BitFury is the best-funded mining hardware company te the business, raising $20 million (£12.8 million) ter July 2015. It wasgoed, CoinDesk notes, its third round te two years, and it has now raised $60 million (38.Four million) te total. BitFury controls about 16.4% of the total hash rate.
  4. BTC China Pool — a relative newcomer to the toneel, the BTCChina Pool is one of the largest players around despite only launching at the end of 2014. It wasgoed founded te 2011, and is presently led by Bobby Lee, who became CEO after purchasing the exchange ter 2013. BTC China Pool comes Four th with a total hash rate of 13.74%.
  5. BW Pool — BW Pool is another Chinese pool. It has alm ost no publicity ter the English-speaking world, despite its size. It made a uncommon public statement te July 2015, when it co-signed a Reddit postbode te favour of an increase ter block size — an ongoing technical question the bitcoin community is debating. BW Pool gets the fifth place with a total hash rate of 7.68%.

Thesis are the Top Five companies leading the bitcoin mining Industry. Several more are still on the queue but only thesis five along secure about 72.13% of the total network hash rate which can be a little bit scary. Fortunately, the network participants all attempt to keep it totally decentralized ter an attempt to prevent the 51% attack.

Published by

Nuno Menezes

Nuno Menezes is a Portuguese Bitcoin Entrepreneur and a crypto currency’s enthusiast supporting the Bitcoin Portuguese Community.

He is an Anthropologist and a Writer and his current field of work is virtual currencies.

Complementing his Social Sciences Master degree with a Professional background ter telecommunications along some practice ter Rekentuig Science, he intends to bring skill and understanding about the influence of crypto currencies ter society.

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Flashy startups like Coinbase, Circle, Blockchain, and BitPay are some of the most famous companies te bitcoin.

But arguably more significant are the miners — individuals and organisations who form the core backbone of bitcoin, ensuring the digital currency’s integrity.

Bitcoin runs on a blockchain, a decentralised and public ledger of every transaction made on the network. By suggesting processing power towards this, users get a chance to win bitcoin — creating an arms wedloop of miners scrambling to assemble ever-more sophisticated and powerful equipment to “mine” fresh bitcoin.

This decentralisation has hefty benefits, but also comes with fresh risks: Right now, if just the top three organisations joined coerces they would control 51% of the network — providing them the power to rewrite the blockchain spil they see getraind.

Some individuals go it alone, others join open “pools” where they combine their resources to improve their odds, some larger companies also have mining efforts.

While the #1 spot can switch from week to week, wij have ranked the largest mining companies using gegevens covering June 22-29, 2016, using gegevens from bitcoin network analysis company Blocktrail.

View Spil: One Pagina Glides

Eighteen. P2Pool.org — 0.1%

This relatively petite pool wasgoed created te 2011 by programmer Forrest Voight. It claims to be “the most translucent mining pool on the planet” because it distributes all pool gegevens for the public to view. Spil of September 2014, it had mined more than 78,000 bitcoin (ВЈ13.Four million or $20.9 million at current prices).

17. Eobot — 0.1%

Eobot is a cloud mining solution that lets users mine bitcoin — and other digital currencies including Ethereum, Litecoin, Dogecoin, Ripple, and more — without wielding any of their own hardware. They just pay the company to rent server power.

It launched ter 2013, and operates out of Los Angeles, California.

16. BitMinter — 0.2%

A veteran pool, BitMinter wasgoed created ter 2011 by Geir Harald Hansen. According to BitcoinWiki, a digital currency wiki, it has servers te the US and inВ Europe.

15. Eligius — 0.3%

Eligius is a North American public pool launched te April 2011. According to CryptoCoinsNews, its technicus Luke Dashjr (or “Luke-Jr”) is a Catholic who has previously written religious messages onto the blockchain, the public ledger of all bitcoin transactions.

Saint Eligius, the pool’s namesake, is the patron saint of goldsmiths and coin collectors.

14. GHash.io — 0.3%

Ghash.io wasgoed launched ter July 2013 and te 2014 gained some notoriety through its success: Ter June, it shortly gained control of 51% of the entire bitcoin network. This majority control is arguably the largest threat to bitcoin, and demonstrates the power of miners when they get too large — it could have rewritten the blockchain however it witnessed getraind, potentially unstabilising the network te the process.

Since then, its hash power has dropped off: It now sits at below 1%.В Londoner Jeffrey Smith, the company’s CIO, acts most frequently spil its spokesperson. It also operates Cex.io, a bitcoin exchange.

13. Telco 214 — 0.69%

Telco 214 launched back te 1997 spil an “international voice communications provider,” according to Bloomberg, with its headquarters te Palm Bay, Florida. According to the Bitcoin Wiki, it is a solo mining operation, rather than a pool.

12. 1hash — 0.79%

1hash, a Chinese mining pool, controls a little under 1% of the total network. It has around 1,200 individual miners online at the timing of writing, according to its webstek.

11. Unknown entity — Two.37%

An “unknown entity” is presently responsible for 2% of the hash power on the bitcoin network. It could be a private organisation calmly building a mining operation, or a public pool that is flying below the radar.

Ten. Kano CKPool — Two.77%

CKPool is a public pool created by an Australian anaesthetist and programmer, Con Kolivas, and bitcoinerВ “Kano.”

It wasgoed launched te September 2014, andВ for risk-takers, it also offers a “solo” pool. This means that users will pool their resources to find a bitcoin block swifter than they would alone — but only the user who detects the block gets any prize.

This is the standard pool.

9. KnCMiner — Three.26%

KnCMiner is a Swedish mining hardware company.В It hasn’t bot worth mining bitcoin using standard consumer pc hardware for years because of the kleintje of processing power involved, the tremendous majority of ordinary members of public pools will have bought hardware from companies like KnCMiner.

It raised a $15 million (ВЈ9.6 million) Series B ter February 2015 led by Accel Fucking partners. It boasts its green credentials on its webstek , and has gegevens centres Sweden, with expansions planned forВ Iceland and Finland.

8. HaoBTC — Three.66%

HaoBTC is a Beijing-based bitcoin company that offers a wallet for storing the digital currency spil well spil a traditional mining service with a mine te Kangding, China. It uses its mining operation ter a novel way: Paying “interest” to people who hold wallets with them with the bitcoins that it mines.

According to its webstek, it has “tens of thousands” of users.

7. Slush — Four.15%

Launched ter November 2010, Slush Pool is the world’s oldest public mining pool, and remains vooraanstaand today. Its formal name is Bitcoin Pooled Mining.

Te real life, Slush isВ Marek Palatinus, a programmer from the Czech Republic. The pool is possessed by SatoshiLabs, which also runs a number of other digital currency projects.

6. BitClub Network — Four.15%

Unlike some other pools, BitClub Network does not disclose its founders, telling only that it is “run by a team of programmers, digital mining experts and entrepreneurs who have come together with MLM experts from around the world.”

MLM stands for Multi-Level Marketing — a referral system whereby a user gains bonuses for each fresh user they bring te, who then gains bonuses for each fresh user they bring ter, and so on. MLMs can be controversial because they resemble pyramid schemes, but BitClub Network insists that it is legitimate and not a “Ponzi Scheme.”

For some users, itВ works spil a cloud mining pool: Users don’t have to own their own hardware, just pay to rent some wielded by BitClub. Miners with their own equipments can also join the network, however.

Five. BitFury — 8.61%

BitFury is the best-funded mining hardware company ter the business, raising $20 million (ВЈ12.8 million) ter July 2015. It wasgoed, CoinDesk notes, its third round ter two years, and it has now raised $60 million (38.Four million) ter total.

The startup is headed up by Valery Vavilov, originally from Latvia. It does not operate a public pool, but has private mines te Finland, Iceland, and the Republic of Georgia. Despite its prominence te the mining industry, Vavilov insists that “wij are not a mining company, I don’t like the word mining.”

Instead,В he told CoinDesk, “wij’re a technology company, but wij’re focused on bitcoin now. Our vision ter the next three to five years is to stir into different areas where computing power is valuable. Wij project to expand into other fields of skill where humanity needs a lotsbestemming of computing power.”

Four. BTCC — 14.34%

A relative newcomer to the toneel, BTCC (also known spil BTC China) is one of the largest players around despite only launching at the end of 2014. This growth is down to the fact that BTCC itself is one of China’s largest bitcoin exchanges, and also offers a number of other digital currency solutions.

It wasgoed founded te 2011, and is presently led by Bobby Lee, who became CEO after purchasing the exchange te 2013.

Three. BW Pool — 15.33%

BW Pool is another Chinese pool. It is wielded by digital currency company Bitbank, which wasgoed founded by Chandler Guo, according to CoinDesk.

Two. AntPool — 16.82%

AntPool is run by Bitmain, a Chinese mining hardware company headquartered te Beijing. It boasts that its technology accounts for 56% of global bitcoin miners. It also claims to be the largest cloud miner te the world.

BitmainВ wasgoed launched te Q1 2013, and co-founder Jihan WuВ is the CEO.

1. DiscusFish/F2Pool — 22.06%

Officially known spil F2Pool, this Chinese pool is also known spil DiscusFish due to its logo — a discus fish. It is operated by Wang Chun and Mao Shihang, “two Chinese technology enthusiasts,” Chun told CoinDesk ter September 2014. A spokesperson told Business Insider that the pool wields no hardware itself, 100% of its hash power comes from users.

Te July 2015, F2Pool generated the then-largest bitcoin transaction everzwijn te order to clear up a spam attack of “dust” or little bitcoin transactions evidently intended to clog up the network.

And eventually, here’s the total breakdown, via Blocktrail:

Interested te how the bitcoin ecosystem looked last year? Check out Business Insider’s ranking for 2015 В»

Get the latest Bitcoin price here.>>

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