The current #Bitcoin network average hashrate is ~950 EH/s.
Many fear that just 2–3 mining pools control 51% of it.
That’s misleading: pools are not owners — they’re infrastructure that aggregate thousands of independent miners.
Here are the Top 10 mining companies with their own hardware (2025):
1. Marathon Digital – ~57 EH/s
2. BitFuFu – ~38.6 EH/s
3. Riot Platforms – ~30 EH/s
4. Bitdeer – ~22.3 EH/s
5. Core Scientific – ~19 EH/s
6. Hut 8 – ~7–8 EH/s
7. Bitfarms – ~6–7 EH/s
8. Cipher Mining – ~6 EH/s
9. Argo Blockchain – ~2 EH/s
10. Canaan Creative – ~1.5 EH/s
These companies are mostly public. If we allocate their hashrate by ownership stakes, a very different picture emerges:
Top 10 UBOs (Ultimate Beneficial Owners) by hashrate:
1. Leo Lu (BitFuFu, 82.8%) – 31.9 EH/s (3.4%)
2. BlackRock – 13.2 EH/s (1.4%)
3. Vanguard – 12.1 EH/s (1.3%)
4. Jihan Wu (Bitdeer, 35%) – 7.8 EH/s (0.8%)
5. Tether Holdings – 4.8 EH/s (0.5%)
6. Bitmain – 2.7 EH/s (0.3%)
7. Zhao Feng Zhao – 2.2 EH/s (0.2%)
8. State Street – 2.0 EH/s (0.2%)
9. BitFury Capital – 1.5 EH/s (0.16%)
10. Hu Yishuo family – 1.3 EH/s (0.13%)
👉 Key takeaways:
– No single UBO controls more than ~3.5% of the global hashrate.
– The largest pools are aggregating independent miners, not centralized entities.
– The biggest individual controller today: Leo Lu (BitFuFu CEO).
Who is Leo Lu?
– Founder, Chairman & CEO of BitFuFu
– Former Bitmain executive
– Controls ~83% of BitFuFu → the single largest individual owner of Bitcoin hashrate
⚡ Bitcoin mining is far more decentralized than most people assume.
