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Crypto and digital asset companies · China

ViaBTC

viabtc.com ↗

China-founded Bitcoin mining pool and exchange operator, world's #3 pool by hashrate.

Protection under test
Assessed 25 July 2026 · Evidence as of 25 July 2026
Something worth protecting exists and is being tested right now.
On the recordSince 25 July 2026 · Checkable from within 6 months of mid-2026 · Every call on the record Checkpoint: Possible OFAC/DOJ decision on whether sanctions enforcement extends from CoinEx to ViaBTC directly
The call

ViaBTC's mining business runs on real relationships and low fees, but its exchange affiliate's Iran exposure puts the whole pool one enforcement action away from a hashrate exodus.

ViaBTC runs a Bitcoin mining pool that combines Bitcoin transactions into blocks, and it controls about 10 percent of all Bitcoin mining power. The company has built trust with miners over ten years through reliable operations, but it now faces a critical threat: U.S. regulators traced billions of dollars moving from ViaBTC's sister company CoinEx to Iranian entities that America has sanctioned, and ViaBTC itself appears connected to some of these payments. If the U.S. government sanctions ViaBTC directly (which would be the first time targeting a major pool), miners could abandon it within hours and switch to competitors like Foundry or Antpool, destroying the company's value almost instantly. What happens next depends entirely on whether American authorities, such as OFAC or the Justice Department, decide to punish ViaBTC itself or only CoinEx.

Why
01
AI pressure: None apparent. AI models don't mine Bitcoin or run exchanges, this business runs on hashrate and payouts, not AI. Could AI do the core job? Unlikely.
02
Bigger players: AntPool and Foundry USA. AntPool (Bitmain-linked) and Foundry USA already hold more hashrate, both offer the same PPS+ payout and merged-mining tools. Could a giant copy it? Yes, easily.
03
What protects it. Decade-long miner relationships, low orphan rate, and PPS+ payout terms that keep hashrate loyal even under stress.
What would change this call
OFAC or DOJ names ViaBTC directly in an enforcement action within 6 months. Would confirm sanctions exposure extends beyond CoinEx to the pool itself, triggering miner exodus.
ViaBTC's Bitcoin hashrate share falls below 7% in pool ranking trackers. Would show miners migrating away, likely tied to compliance or reputational risk.
CoinEx announces a settlement or legal/geographic firewall separating it from ViaBTC. Would indicate ViaBTC is containing sanctions risk rather than being pulled deeper into it.
Key numbers
  • ViaBTC holds 9-13% of Bitcoin hashrate, ranked #3 pool (2026-07-20)
  • TRM Labs traced $3.84B via CoinEx to 60+ sanctioned Iran entities (2026)
  • ViaBTC has ~$154M direct mining-payout exposure to Nobitex (2026)
Named risks
  • OFAC/DOJ sanctions enforcement could extend from CoinEx to ViaBTC's pool directly. Severity: high
  • TRM Labs traced ~$154M in ViaBTC mining payouts to sanctioned Nobitex counterparties. Severity: high
  • Regulatory attention on mining-pool hashrate concentration (>70% among top 4 pools) could invite scrutiny. Severity: medium
  • CoinEx already forced out of US market and blocked in Canada, shrinking exchange-side growth. Severity: medium
  • Bitmain ownership/control ambiguity creates governance uncertainty despite company denial. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Foundry USAlosing toFoundry holds 27-31% hashrate vs ViaBTC's 9-13% as of 2026-07-20
AntPoollosing toBitmain-affiliated AntPool at 17-18% hashrate outranks ViaBTC, 2026-07-20
F2PoolcontestingF2Pool's 10-18% range overlaps directly with ViaBTC's 9-13%, 2026-07-16
Binancelosing toCoinEx holds ~0.05% exchange market share versus Binance's dominant CEX volume, 2026-07-06
Questions people ask
Is ViaBTC profitable?
No verified financials exist. A third-party sales-intelligence estimate (ZoomInfo, 2026-07-06) pegs revenue near $7 million, which looks implausible for a top-3 mining pool. ViaBTC has never disclosed audited revenue, and no primary source confirms profitability as of July 2026.
Who owns ViaBTC?
Founder Haipo Yang controls ViaBTC, launched May 2016. Bitmain led a ~$3 million Series A in March 2017 and reportedly took a minority stake, though ViaBTC's COO has publicly denied Bitmain owns or controls the company.
Could AI replace ViaBTC's mining pool business?
Unlikely to replace core operations. Pool share validation and payouts are deterministic infrastructure, not AI-displaceable, and ViaBTC's value comes from aggregated physical hashrate and miner trust across 130+ countries, not software alone. AI mainly touches peripheral churn/support tasks as of 2026.
Who is ViaBTC's biggest competitor?
Foundry USA is the largest Bitcoin mining pool at roughly 27-31% global hashrate share as of July 2026, versus ViaBTC's 9-13% (#3), per TFTC reporting dated 2026-07-20. AntPool, at 17-18%, also outranks ViaBTC.
Is it safe to use ViaBTC or CoinEx right now?
There is active regulatory risk. TRM Labs found CoinEx moved about $3.84 billion linked to 60+ sanctioned Iranian entities since 2019, and ViaBTC itself is implicated for roughly $154 million in Nobitex-linked mining payouts, per a 2026-07-14 report.
Is ViaBTC facing US sanctions?
Not yet sanctioned directly as of July 2026, but exposure is high. TRM Labs' 2026-07-14 findings on CoinEx's Iran ties raise the possibility that OFAC/DOJ enforcement could extend from the exchange to ViaBTC's pool itself, which would be unprecedented.
Timeline
  • 2026-07-20TFTC reports Foundry, AntPool, ViaBTC, F2Pool control over 70% of Bitcoin hashrate
  • 2026-07-14TRM Labs finds CoinEx moved $3.84B linked to sanctioned Iranian entities; ViaBTC flagged for $154M Nobitex exposure
  • 2026-05-27ViaBTC launches Proof of Decade 10th-anniversary campaign, claims 2M+ pool users
  • 2026-01-27ViaBTC announces Assets section platform upgrade
  • 2025-06Nobitex hacked for ~$90M by Predatory Sparrow; ViaBTC later reported providing emergency liquidity
  • 2025-04-29Quebec AMF court judgment orders ISP blocking against CoinEx
  • 2023CoinEx settles with New York Attorney General, exits US market
  • 2017-12CoinEx exchange launched by ViaBTC group
  • 2017-03ViaBTC raises ~$3M Series A led by Bitmain
  • 2016-06-05ViaBTC pool mines its first block
Revision history
25 July 2026
First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.
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