In the past years, it has been possible to observe a gradual, but constant trend of fewer Bitcoin (BTC) mining pools dominating the majority of the global network hashrate and block discovery. In this report, Finbold uses a data-based approach to analyze the decentralization state of the leading cryptocurrency network and explains why it is important.

在過去的幾年裡，我們可以觀察到越來越少的比特幣（BTC）礦池主導了全球網路算力和區塊發現的逐漸但持續的趨勢。在這份報告中，Finbold 使用基於數據的方法來分析領先的加密貨幣網路的去中心化狀態，並解釋了為什麼它很重要。

Going from an unknown number of Bitcoin miners having the majority of its hashrate since the first block was mined by Satoshi Nakamoto, to four mining pools having mined over 59% of all blocks in the last three years, and only two of these institutions dominating over 52% of the new BTC distribution in the last three months.

從中本聰挖出第一個區塊以來，數量未知的比特幣礦工佔據了大部分算力，到過去三年裡四個礦池開採了超過59% 的區塊，而其中只有兩家機構佔據了主導地位。過去三個月新增 BTC 分配的 52%。

Bitcoin mining decentralization state

比特幣挖礦去中心化狀態

This data was gathered from mempool.space pools ranking, which analyses the hashrate dominance by looking at who was responsible for each block ever added to the Bitcoin blockchain in each timeframe. Consequently receiving the reward in BTC through the creation of new coins — until the maximum limit of 21 million is achieved in the next 120 years (approximately).

該數據是從 mempool.space 礦池排名中收集的，該排名透過查看誰負責每個時間範圍內添加到比特幣區塊鏈的每個區塊來分析哈希率主導地位。因此，透過創建新幣獲得 BTC 獎勵——直到未來 120 年（大約）達到 2,100 萬枚的上限。

All-time Bitcoin blocks discovery

比特幣歷史上的區塊發現

At the time of publication, a total of 808987 Bitcoin blocks were mined and added to the blockchain. Resulting in a total of 19,493,656 BTC being distributed to each of the lucky miners (or mining pools) that discovered each of these blocks by providing Proof of Work (PoW) through hash calculations.

截至本文發佈時，共有 808987 個比特幣區塊被開採並添加到區塊鏈中。最終，總共 19,493,656 BTC 被分配給透過哈希計算提供工作量證明 (PoW) 發現每個區塊的幸運礦工（或礦池）。

Interestingly, from these 808,987 blocks, 220,716 (27.29%) were mined by unknown entities — mostly in the early days of the network, probably by individual and domestic miners, or yet unidentified mining companies.

有趣的是，在這808,987 個區塊中，有220,716 個區塊（27.29%）是由未知實體開採的——大部分是在網路的早期，可能是由個人和國內礦工，或是身份不明的礦業公司開採。

3-year Bitcoin global hashrate decentralization

3年比特幣全球算力去中心化

However, the scenario starts to change as Bitcoin becomes more recognized and the industry matures. Bitcoin miners — looking for more predictability in a highly competitive ‘winner takes all’ activity — started to unite forces (or hashrates) in mining pools. Effectively increasing their chance to mine a valid block and share the block reward.

然而，隨著比特幣越來越被認可以及行業的成熟，情況開始改變。比特幣礦工——在競爭激烈的「贏家通吃」活動中尋求更多的可預測性——開始在礦池中聯合力量（或算力）。有效增加他們挖掘有效區塊並分享區塊獎勵的機會。

This drastically changed the network’s decentralization state as seen in the last 3 years’ results, with only four pools providing over 59% of the global hashrate:

從過去 3 年的結果來看，這極大地改變了網路的去中心化狀態，只有四個礦池提供了超過 59% 的全球算力：

• Foundry USA (17.36%)

美國代工廠 (17.36%)

• AntPool (16.39%)

蟻池 (16.39%)

• F2Pool (15%)

魚池（15%）

• Binance Pool (10.36%)

幣安礦池 (10.36%)

3-month BTC new supply distribution

3個月BTC新增供應分佈

Notably, the trend continues as time goes by. Bitcoin domestic mining is not feasible anymore, smaller companies are not able to survive while operating underwater, and the remaining survivors get more concentrated in fewer pools for even higher revenue predictability.

值得注意的是，隨著時間的推移，這種趨勢仍在繼續。比特幣國內挖礦不再可行，較小的公司無法在水下運作時生存，而剩下的倖存者則更集中在較少的礦池中，以獲得更高的收入可預測性。

In the last three months, only two mining pools received more than half of all the Bitcoin supply distribution which is set as 6.25 BTC per mined block — that happens on average every 10 minutes, for around 900 BTC/day. 

在過去三個月中，只有兩個礦池獲得了一半以上的比特幣供應分配，即每個開採區塊 6.25 BTC——平均每 10 分鐘發生一次，每天約 900 BTC。

Foundry USA received around 24,831.25 BTC for mining 3,973 blocks (29.66%), while AntPool received around 19,018.75 BTC for mining 3,043 blocks (22.72%). This results in a total of 43,850 BTC accrued by these pools in the last 90 days, equal to $1.16 billion considering Bitcoin is priced at $26.500 by press time.

Foundry USA 開採 3,973 個區塊，獲得約 24,831.25 BTC（29.66%），而 AntPool 開採 3,043 個區塊，獲得約 19,018.75 BTC（22.72%）。這導致這些礦池在過去 90 天內總共累積了 43,850 個 BTC，考慮到截至發稿時比特幣的價格為 26,500 美元，相當於 11.6 億美元。

Why is Bitcoin PoW decentralization important?

為什麼比特幣 PoW 去中心化很重要？

Proof of Work decentralization is important from both a financial and technical security point of view.

從財務和技術安全的角度來看，工作量證明去中心化都很重要。

A more decentralized Bitcoin distribution helps avoid market price manipulation, which can happen when fewer entities hold a larger share of the supply or exchanged volume. It also diminishes the effect of a single entity sell-off, as seen recently by F2Pool — currently the third largest mining pool.

更去中心化的比特幣分佈有助於避免市場價格操縱，當較少的實體持有較大份額的供應或交易量時，就會發生這種情況。它還減少了單一實體拋售的影響，正如目前第三大礦池 F2Pool 最近所看到的那樣。

Moreover, a more decentralized network also means that it is harder for a malicious entity to take over the consensus, which could, theoretically, allow for double spending through a 51% attack — when someone spends the same coin twice, like using a fake US dollar.

此外，更加去中心化的網路也意味著惡意實體更難接管共識，從理論上講，這可以透過 51% 攻擊實現雙重支出——當某人兩次花費同一枚硬幣時，例如使用假美國美元。

Although Bitcoin mining pools function with the collaborative work of multiple mining companies or individual miners, these contributors are only providing work through hash calculations. It is the pool coordinator who adds transactions to the block template, signs and broadcasts the block to the network, and receives the block reward to be distributed later among the miners.

儘管比特幣礦池是透過多個挖礦公司或個體礦工的協作工作來發揮作用的，但這些貢獻者僅透過哈希計算來提供工作。礦池協調員將交易添加到區塊模板，簽署區塊並將其廣播到網絡，並接收稍後在礦工之間分配的區塊獎勵。

All things considered, the more decentralized cryptocurrencies’ networks are, the more secure and valuable they can become long-term.

考慮到所有因素，加密貨幣網路越去中心化，它們的長期安全性和價值就越高。