Bitmain, the Beijing-headquartered mining giant, is one of the most controversial entities in the cryptocurrency space yet again, on the back of its new Initial Public Offering filing in the United States and Jihan Wu taking back control of the company by announcing that he has “come back to save this ship (from sinking).” Importantly, while Jihan Wu has made one of the most controversial comebacks in recent memory, the company’s control over Bitcoin’s hashrate seems to be withering away, when compared to August.
Bobby Ong, Co-founder of CoinGecko, put out an analysis of Bitcoin’s current hashrate on his Twitter account, claiming that Bitmain had a majority of the hashrate in its control in August. Bitcoin.com pool controlled 19.7 percent hashrate, Antpool controlled 12.8 percent, and ViaBTC controlled 7.4 percent of the hashrate, placing Bitmain at the top for that month with the former two being directly owned and the latter indirectly. However, the mining giant is now facing defeat in the hands of Poolin and F2pool.
Bobby Ong said on Twitter,
“What a big difference 3 months make to @BITMAINtech with all the drama. In August, I looked at Bitcoin’s hashrate distribution. Bitmain was the number 1 & 2 largest mining pool (http://BTC.com & AntPool). Now they have been overtaken by @f2pool_official & @officialpoolin”
Dovey Wan, Founding Partner at Primitive Crypto, also opined on the matter on her social media platform. Wan highlighted that while Bitmain might have lost majority control of Bitcoin’s hashrate,