On-chain analysis now reveals that a single anonymous custodian, believed to be Cobo Custody, plays a crucial role in the Bitcoin network. In a post on X, one analyst said the custodian controls the Coinbase addresses of at least nine mining pools, cumulatively contributing at least 47% of the total hash rate.
This means that for every 100 freshly mined BTC, 47 BTC are sent to this custodian. Concentrating control in one entity raises concerns about the potential risks and the need for transparency and decentralization of custodians among mining pools.
Bitcoin Mining Pool Overreliant On One Custodian
The finding noted that popular Bitcoin mining pools like AntPool, F2Pool, Binance Pool, Braiins, btccom, SECPOOL, and Poolin channel their Coinbase to the same custodian. Additionally, ULTIMUSPOOL and 1THash’s Coinbase addresses are also reportedly controlled by the same entity.
Luxor previously used the same custodian but changed its setup after it was noted that they a
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