Kadan Stadelmann, the Chief Technology Officer (CTO) of Komodo, an open-source technology workshop, has raised concerns about the increasing centralization of the world’s largest cryptocurrency, Bitcoin. Stadelmann asserts that the rising centralization poses a threat to the fundamental principle of BTC as a decentralized digital currency.
Centralization Poses Existential Threat To Bitcoin
According to Stadelmann, a worrying trend of centralization within the Bitcoin network could threaten the cryptocurrency’s decentralized identity. Citing the increasing concentration of mining power within a few mining pools, the Komodo CTO highlighted that only two mining pools, Foundry USA and Antpool control more than 50% of Bitcoin’s hash rate.
Based on Blockchain.com’s data, Foundry USA commands a 27.33% share, having mined approximately 164 blocks, while Antpool controls a 24.66% share with 148 blocks mined. The concentration of mining power has also been distributed across five pools, with these pools collectively controlling 80% of BTC’s hash rate.
This centralization of power effectively threatens Bitcoin’s decentralized nature, as concentrated control over hash rates could give these pools influence…
