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.

在过去的几年里，我们可以观察到越来越少的比特币（BTC）矿池主导了全球网络算力和区块发现的逐渐但持续的趋势。在这份报告中，Finbold 使用基于数据的方法来分析领先的加密货币网络的去中心化状态，并解释了为什么它很重要。

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.

从中本聪开采第一个区块以来，数量未知的比特币矿工占据了大部分算力，到过去三年里四个矿池开采了所有区块的 59% 以上，而其中只有两家机构占据了主导地位过去三个月新增 BTC 分配的 52%。

Bitcoin mining decentralization state

比特币挖矿去中心化状态

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).

该数据是从 mempool.space 矿池排名中收集的，该排名通过查看谁负责每个时间范围内添加到比特币区块链的每个块来分析哈希率主导地位。因此，通过创建新币获得 BTC 奖励——直到未来 120 年（大约）达到 2100 万枚的上限。

All-time Bitcoin blocks discovery

比特币历史上的区块发现

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.

截至本文发布时，共有 808987 个比特币区块被开采并添加到区块链中。最终，总共 19,493,656 BTC 被分配给通过哈希计算提供工作量证明 (PoW) 发现每个区块的幸运矿工（或矿池）。

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，在这 808,987 个区块中，有 220,716 个区块（27.29%）是由未知实体开采的——大部分是在网络的早期，可能是由个人和国内矿工，或者身份不明的矿业公司开采。

3-year Bitcoin global hashrate decentralization

3年比特币全球算力去中心化

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，随着比特币越来越被认可以及行业的成熟，情况开始发生变化。比特币矿工——在竞争激烈的“赢家通吃”活动中寻求更多的可预测性——开始在矿池中联合力量（或算力）。有效增加他们挖掘有效区块并分享区块奖励的机会。

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:

从过去 3 年的结果来看，这极大地改变了网络的去中心化状态，只有四个矿池提供了超过 59% 的全球算力：

• Foundry USA (17.36%)

美国代工厂 (17.36%)

• AntPool (16.39%)

蚁池 (16.39%)

• F2Pool (15%)

鱼池（15%）

• Binance Pool (10.36%)

币安矿池 (10.36%)

3-month BTC new supply distribution

3个月BTC新增供应分布

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，随着时间的推移，这种趋势仍在继续。比特币国内挖矿不再可行，较小的公司无法在水下运营时生存，而剩下的幸存者则更加集中在更少的矿池中，以获得更高的收入可预测性。

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. 

在过去三个月中，只有两个矿池获得了一半以上的比特币供应分配，即每个开采区块 6.25 BTC——平均每 10 分钟发生一次，每天大约 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 开采 3,973 个区块，获得约 24,831.25 BTC（29.66%），而 AntPool 开采 3,043 个区块，获得约 19,018.75 BTC（22.72%）。这导致这些矿池在过去 90 天内总共积累了 43,850 个 BTC，考虑到截至发稿时比特币的价格为 26,500 美元，相当于 11.6 亿美元。

Why is Bitcoin PoW decentralization important?

为什么比特币 PoW 去中心化很重要？

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

从财务和技术安全的角度来看，工作量证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.

更加去中心化的比特币分布有助于避免市场价格操纵，当较少的实体持有较大份额的供应或交易量时，就会发生这种情况。它还减少了单个实体抛售的影响，正如目前第三大矿池 F2Pool 最近所看到的那样。

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，更加去中心化的网络还意味着恶意实体更难接管共识，从理论上讲，这可以通过 51% 攻击实现双重支出——当某人两次花费同一枚硬币时，比如使用假美国美元。

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.

尽管比特币矿池是通过多个挖矿公司或个体矿工的协作工作来发挥作用的，但这些贡献者仅通过哈希计算来提供工作。矿池协调员将交易添加到区块模板，签署区块并将其广播到网络，并接收稍后在矿工之间分配的区块奖励。

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

考虑到所有因素，加密货币网络越去中心化，它们的长期安全性和价值就越高。