Analysis: 42.6% of Bitcoin's hashrate is concentrated in the United States, and the dispute over mining pool control continues to escalate.

According to Mars Finance, on June 14th, despite the Bitcoin network's design emphasizing decentralization and censorship resistance, the current concentration of approximately 42.5% of global computing power in the United States has sparked renewed discussion about the network's censorship resistance. Data shows that US-listed mining companies already control about 31.5% of global computing power, and broader statistics suggest their total influence may be even higher. Meanwhile, mining pools, represented by Foundry USA, have long held the largest global share, with a single pool's computing power once approaching one-third. Analysts believe the real risk lies not simply in "geographical concentration," but in the concentration at the mining pool level, as mining pools wield crucial control over transaction packaging and block template generation. Currently, the top mining pools collectively control over two-thirds or more of the computing power, resulting in a highly centralized transaction filtering system. The Bitcoin network demonstrated strong adaptability after the mining bans in various countries in 2021, when global computing power declined sharply in the short term before rapidly shifting to the United States, Canada, and other regions, without long-term network security breaches. Furthermore, the analysis emphasizes that miners' freedom to switch mining pools, the cross-border migration capability of their equipment, and transaction fee incentive mechanisms all limit the sustainability of potential "systemic censorship" to some extent. Technically, protocols such as Stratum V2 are considered to potentially reduce mining pools' control over transaction selection, thereby further decentralizing network governance. The decentralized state of Bitcoin should be assessed comprehensively from the perspectives of mining pool control, incentive structures, and energy distribution, rather than a single geographical indicator. The current 42.5% share of US hashrate should be seen as a trend signal rather than a definitive conclusion.