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Bitcoin Mining Pool Centralization: Nakamoto Coefficient & HHI Tracker

How concentrated is Bitcoin mining? Nakamoto coefficient, HHI and per-pool hashrate share across time windows.

Quick answer

Over the last month, Bitcoin's hashrate was spread across 21 identified mining pools, but it takes only 3 pools to control more than half the network — the Nakamoto coefficient. The HHI concentration index is 1,496 (unconcentrated), and the single largest pool mined 25.4% of blocks. Lower Nakamoto and higher HHI both mean more centralization.

Solo and decentralized-template mining (DATUM, Stratum V2 job declaration) push the Nakamoto coefficient up and template sovereignty with it. Full data — every window, free to download under CC BY 4.0.

4.44%of hashrate on pools that let miners build the block

Template sovereignty: who actually builds the block?

Hashrate share tells you who finds blocks — not who decides what goes in them. On most pools the operator builds the block template and the miner only supplies proof-of-work, so the operator chooses which transactions confirm. Over the last month just 4.44% of Bitcoin's hashrate mined on a pool that lets the miner build its own block template: OCEAN (2.78%), Braiins Pool (1.66%) — via Stratum V2 job declaration, OCEAN's DATUM, or a self-hostable / peer-to-peer pool. On the other 94.57% of identified hashrate the pool operator builds the template and picks the transactions.

Capability footprint, not confirmed adoption. This is the share of hashrate on pools that permit miner-built templates, not blocks proven to use it. On P2Pool, Public Pool and self-hosted pools that is the default; on Braiins Pool and OCEAN it is opt-in (Stratum V2 job declaration and DATUM) and still lightly adopted, so the share of blocks the miner actually built is smaller — under about 1% today. It also cannot see self-hosted solo miners, who are unattributable (~0.99% “unknown”). Read 4.44% as the addressable ceiling on today's pools, not the achieved figure. Live shares from mempool.space, as of 2026-08-16.

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Concentration by time window

WindowPoolsNakamotoHHITop poolTop 3
Last week1631,49523%61.2%
Last month2131,49625.4%61.3%
Last 3 months2631,46926.1%59.1%
Last year3331,53328.8%58.5%

Current pool shares (last month)

#PoolBlocksShare
1Foundry USA113425.42%
2AntPool86019.28%
3F2Pool74116.61%
4SpiderPool3778.45%
5ViaBTC3618.09%
6MARA Pool1974.42%
7SECPOOL1864.17%
8Luxor1473.3%
9OCEAN1242.78%
10Binance Pool851.91%
11Braiins Pool741.66%
12BTC.com601.34%
13Unknown440.99%
14WhitePool180.4%
15NiceHash170.38%
16SBI Crypto150.34%
17Poolin110.25%
18ULTIMUSPOOL60.13%
19Solo CK20.04%
20Mining-Dutch10.02%
21Parasite10.02%

Method: The Nakamoto coefficient is the fewest pools whose combined share exceeds 50% of blocks — the smaller it is, the easier a majority coalition. HHI sums the squared percentage shares (US DOJ guide: <1500 unconcentrated, 1500-2500 moderate, >2500 highly concentrated). Pool attribution from mempool.space is a proxy based on coinbase tags (see which tag each pool stamps). See also the mining-pool database.