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Crypto and digital asset companies · subsidiary of Bitmain Technologies · China

Antpool

antpool.com ↗

Bitmain-linked Antpool runs the world's #2 Bitcoin mining pool by hashrate.

Losing its protection
Assessed 25 July 2026 · Evidence as of 25 July 2026
The structural protection is eroding.
On the recordSince 25 July 2026 · Checkable from through July 2026 · Every call on the record Checkpoint: Senator Warren's inquiry into Bitmain and US Commerce Department Entity List review
The call

Antpool's hardware-driven distribution keeps it in second place, but US sanctions risk on Bitmain and Foundry's lead in share make its position unsettled.

Antpool runs the second-largest network of computers that validate Bitcoin transactions and earn mining rewards, controlling about 17 to 20 percent of the work. It has a real advantage because it is owned by Bitmain, which also makes the most popular mining computers, so customers naturally use Antpool. However, this advantage is weakening: Foundry USA (backed by a larger US company) already leads with 25 to 31 percent and is growing faster, mining rewards shrink when Bitcoin's price falls, and the US government may add Bitmain's Chinese parent to a trade blacklist, which would severely limit American miners from using Antpool. The key thing to watch is whether the US Commerce Department actually restricts Bitmain in the next 6 to 12 months, because that would force US miners to switch to competitors.

Why
01
AI pressure: None apparent. AI data centers compete with miners for chips and power, but AI labs are not building rival Bitcoin pools. Could AI do the core job? Unlikely.
02
Bigger players: Foundry USA (DCG-backed). Foundry already runs a live pool ahead of Antpool at 25-31% network hashrate versus Antpool's 17-20%. Could a giant copy it? Probably.
03
What protects it. The Bitmain to Antminer to Antpool pipeline pushes buyers of Bitmain hardware toward Antpool by default.
What would change this call
US Commerce Department ruling on Bitmain Entity List status within the next 6 to 12 months. Would show whether US regulators cut Bitmain and Antpool off from American hardware and hosting.
Antpool's monthly hashrate share versus Foundry USA and SpiderPool over the next year. Would show whether Antpool's number two position keeps eroding to rival pools.
Antpool ships Stratum V2 job negotiation into production mining operations. Would show Antpool matching OCEAN and Braiins on decentralization features miners want.
Key numbers
  • Antpool holds 17-20% of Bitcoin network hashrate (2026-07-20)
  • Foundry USA leads with 25-31% network hashrate (2026-07-20)
  • Sophgo, a Bitmain-linked firm, added to US Entity List (2025-01)
Named risks
  • US Commerce Department could add Bitmain itself to Entity List, following Sophgo listing in Jan 2025. Severity: high
  • Ongoing Warren-led congressional inquiry into Bitmain ties to Trump-linked American Bitcoin, active through Jul 2026. Severity: medium
  • Bitcoin price volatility directly compresses miner profitability and pool fee revenue. Severity: medium
  • Antpool lags rivals in shipping Stratum V2 decentralization protocol as of Jul 2026. Severity: medium
  • Pool concentration scrutiny (Nakamoto coefficient ~3) could trigger forced hashrate redistribution. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Foundry USAlosing toLeads at 25-31% share vs Antpool 17-20% as of Dec 2025 and Jul 2026
SpiderPoolgaining onFast-growing entrant reached 6-10% share by June 2026, up from smaller base
F2PoolcontestingOverlapping 10-18% share, both Asia-anchored legacy pools as of Jul 2026
OCEAN and Braiins Poolgaining onAlready shipped Stratum V2 natively while Antpool had not by Jul 10 2026
Questions people ask
Is Antpool owned by Bitmain?
Bitmain says Antpool spun off and became independent in May 2021, but independent trackers still describe it as Bitmain-operated. Bitmain founded Antpool in 2014 and the two remain commercially linked via the Antminer-to-Antpool hardware flywheel as of mid-2026.
Who is Antpool's biggest competitor?
Foundry USA, backed by Digital Currency Group, is the largest Bitcoin mining pool at roughly 25-31% of network hashrate as of December 2025, ahead of Antpool's 17-20% share, making Foundry the clear leading rival Antpool trails.
Is it safe to mine with Antpool given US regulatory scrutiny?
Risk is rising: Bitmain subsidiary Sophgo was added to the US Commerce Department Entity List in January 2025, and Senator Elizabeth Warren sent letters through July 2026 questioning Bitmain's ties to Trump-linked American Bitcoin, an open inquiry that could escalate.
Could AI replace Antpool?
No. Antpool's core function, validating shares and distributing block rewards from physical ASIC hashrate, requires hardware, not software substitution. As of July 2026 no AI feature threatens pool operation; its moat is hardware distribution, not compute.
Is Antpool profitable?
Antpool discloses no standalone financials, only pool fees of roughly 0-4% depending on payout scheme as of July 2026. Parent Bitmain reported total revenue of $766.3M for fiscal 2025 versus $378.9M in FY2024 (vendor-claimed, per aggregator accio.com, unverified against primary filings).
Is Antpool losing hashrate share?
Antpool has held a stable #2 spot at roughly 17-20% of Bitcoin hashrate through mid-2026, but Foundry USA leads at 25-31% and SpiderPool, a fast-growing entrant, has already reached 6-10% share as of June 2026, pressuring Antpool's position.
Timeline
  • 2026-05-22BTC Ecosystem (ADAPT Ecosystem Pty Ltd) announces strategic initiative with AntPool and Bitmain (vendor-claimed)
  • 2026-05-07Antpool joins Stratum V2 Working Group with Foundry, F2Pool, Block Inc, MARA, SpiderPool, DMND
  • 2026-03-30Senator Warren sends letters to Commerce Secretary Lutnick over Bitmain ties to American Bitcoin
  • 2026-01Bitmain begins hardware and hosting partnership with Trump-linked American Bitcoin
  • 2025-01Bitmain subsidiary Sophgo added to US Commerce Department Entity List
  • 2021-05Antpool described by Bitmain as having spun off and become independent
  • 2018Bitmain attempts Hong Kong IPO, later lapses
  • 2014Antpool launched by Bitmain Technologies
  • 2013Bitmain founded in Beijing by Micree Zhan and Jihan Wu
Revision history
25 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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