- Foundry USA and AntPool now control over half of Bitcoin’s hash power.
- Bitcoin price is slipping toward $110,530, a crucial support level.
- Macro fears and Fed shifts add pressure to already weak crypto markets.
After Monero’s 51% takeover, two Bitcoin mining pools have sparked fears of a potential 51% attack on Bitcoin.
Notably, the developments have raised critical questions about the security of the Bitcoin network and the stability of the wider crypto market.
Also, the concerns over mining centralisation have intensified just as BTC faces steep price declines and broader macroeconomic pressures.
Two mining pools dominate Bitcoin’s hash power
Two major mining pools, Foundry USA and AntPool, now control more than half of Bitcoin’s total computing power.
Foundry even mined eight consecutive blocks in a row, an event that is extremely rare and has heightened fears of network centralization.
With over 51% of the hash power concentrated in just two entities, experts warn that Bitcoin is technically vulnerable to a 51% attack.
In such a scenario, the dominant miners could potentially reorganize blocks, censor transactions, or undermine trust in the network.
While such an attack would be extremely costly and perhaps self-defeating, the centralization trend has raised red flags across the community.
Rising empty blocks and collapsing fees
Alongside the hash power imbalance, analysts have noted an increase in the number of empty blocks being mined.
Empty blocks generate lower transaction fees, which has led to collapsing revenues for miners and less efficient network usage.
This situation has further fueled concerns about the long-term sustainability of the Bitcoin ecosystem, particularly as users demand greater efficiency from the blockchain.
Although some commentators argue that a 51% attack would require an astronomical investment, estimated at around $1.1 trillion, they also admit that the risk of manipulation grows when power becomes too concentrated.
Supporters of Bitcoin believe that no rational actor would spend such sums to destroy the very network that sustains their investment.
Still, the perception of risk is enough to shake market confidence.
Bitcoin price slides toward key support levels
The security fears are unfolding at a delicate moment for Bitcoin’s price.
After reaching an all-time high of $124,000 just last week, Bitcoin (BTC) has fallen sharply to around $113,000.
The cryptocurrency is now approaching a crucial support level near $110,530, where buyers are expected to step in.
If the price holds above that level, a rebound toward $120,000 and eventually $124,474 could follow.
Some analysts like popular X commentator BitQuant are confident that Bitcoin is still on track to reach $145,000 without ever dipping below the six-figure mark.
However, if Bitcoin breaks below the $110,530 support zone, the decline could deepen toward $107,000 or even $100,000.
Short-term charts show bearish momentum, with the relative strength index in negative territory and the 20-day moving average sloping downward.
Macro fears add pressure on crypto markets
Beyond the technical charts, macroeconomic shocks are also weighing on sentiment.
A recent shift in Federal Reserve policy, combined with Wall Street warnings about the newly passed Genius Act stablecoin bill, has unsettled investors.
There are fears that the legislation could trigger a flood of withdrawals worth up to $6.6 trillion, posing systemic risks to both banking and crypto markets.
Source: https://coinjournal.net/news/bitcoin-at-risk-of-a-51-attack-from-two-miners/
