Foundry USA Dominates: Over Half of New Bitcoin Blocks Mined

According to data, the Bitcoin network has successfully mined 436 blocks over the past 72 hours. The leading mining pool, Foundry USA, has contributed the highest number of blocks at 124, followed closely by Antpool with 118 blocks and Viabtc with 59 blocks.

When considering the total blocks mined within this period, these three major mining pools account for over 69% of the total, showcasing their significant influence in Bitcoin mining.

Foundry USA and Antpool collectively hold a substantial 55.5% of the total computational power for Bitcoin. This data sheds light on the current landscape of Bitcoin mining, demonstrating the dominance of a select few entities in this arena.

It’s important to recognise that the distribution of mining power carries important implications for the security and decentralisation of the Bitcoin network.

A more distributed mining power contributes to a more secure network, whereas a concentration of power among a few entities may pose potential risks to the network’s stability and security.

Bitcoin vs. CBDCs: Advocate Warns of Control While Predicting $1 Million Price

Prominent Bitcoin advocate and CEO of Jan3, Samson Mow, has raised concerns about Central Bank Digital Currencies (CBDCs) and their potential societal implications.

Mow maintains that central banks aim to wield control over money and ultimately, over people through the introduction of CBDCs. He questions the feasibility and longevity of this approach, casting doubt on its viability.

Drawing on Nigeria as a case in point, Mow highlighted the country’s launch of its own CBDC, eNaira. Despite the government’s insistence that eNaira was an optional avenue designed to enhance the convenience, security, and safety of the populace, its reception was lukewarm.

Subsequently, the government limited cash withdrawals from ATMs and sought to penalise cryptocurrency exchanges within the nation. Mow is worried about the adverse effects the adoption of CBDCs could have on citizens and maintains that governments are pursuing a technology that cannot be easily restricted.

Furthermore, Mow expressed apprehensions about the potential for countries to shift towards totalitarian or authoritarian regimes in a bid to prevent individuals from utilising Bitcoin and other cryptocurrencies.

READ ALSO:

Unlocking the Power of Crypto Re-Staking

He wondered whether the Nigerian government intends to imprison individuals for possessing bitcoin. In addition to his cautionary remarks regarding CBDCs, Mow made a bullish prediction about Bitcoin, asserting that it will inevitably reach the $1 million mark.

He firmly believes that it is a matter of when rather than if. Mow began actively broadcasting this forecast subsequent to the SEC’s approval of spot Bitcoin ETFs in January and in anticipation of the impending Bitcoin halving event.

He predicted that the ETFs would generate a demand shock for Bitcoin, intersecting with the supply shock induced by the halving.

Hong Kong Embraces Crypto: Millions Traded in Virtual Asset ETFs

On June 5th, the trading data for Hong Kong stocks indicated that the combined trading volume of six Hong Kong virtual asset ETFs amounted to around 25.71 million Hong Kong dollars by the end of the trading day.