U.S. share of Bitcoin hash rate hits 42.5%, spotlight shifts to mining pool power

Huo Xing Finance reported on June 14 that roughly 42.5% of global Bitcoin hash power is now located in the United States, reviving debate over the network's censorship resistance despite Bitcoin's decentralization-first design. Data indicates U.S.-listed mining firms contribute about 31.5% of worldwide hash rate, and some estimates put their broader influence higher. Large pools such as Foundry USA have maintained the biggest share for years, with one pool's hash rate at times nearing one-third of the total. Analysts say the bigger issue is not geographic concentration but consolidation at the mining-pool level. Pools can influence which transactions make it into blocks by controlling transaction packaging and block template generation. The largest pools together account for more than two-thirds of total hash power, intensifying concerns about centralized transaction selection. The network's response to the 2021 wave of mining bans is often cited as evidence of resilience. After a short-term drop, global hash power recovered quickly and migrated toward the U.S., Canada and other regions, with no lasting hit to overall security. Analysts also point to mitigating forces: miners can switch pools, mining hardware can be moved across borders, and fee incentives can make sustained, coordinated censorship difficult to maintain. On the technical front, Stratum V2 is viewed as a potential way to reduce pools' influence over transaction selection and push governance toward greater decentralization. Overall, analysts argue Bitcoin's decentralization should be evaluated through pool control, incentive design and energy distribution, not location alone. The 42.5% U.S. figure is seen as a directional signal rather than a definitive verdict.