Up until last year, Bitmain had a stranglehold when it came to hardware for Bitcoin (BTC) mining. The problem was that it did not help the Bitcoin (BTC) developers and investors to achieve proper decentralization. For mining hardware, they were dependent on a single entity. That however seems to be changing slowly but surely.
Is Bitmain’s influence on Bitcoin (BTC) mining decreasing?
The good news is that the leftover market share has been captured by a non-Bitcoin (BTC) miner. It clearly indicates that the smaller Bitcoin (BTC) miners are validating much more transactions. Currently, the percentage stands at around 22%. It is assumed that in the coming few months, the percentage will increase even more.
When you look at the trend, you will realize that it is possible that the number of unknown miners increases even more.
The bit of issue up until now is that there are many mining pools which combined have 53% of the Bitcoin (BTC) computational mining power. If they collude, Bitcoin (BTC) will be in danger. On the other hand, once the number of unknown cryptocurrency minors continues to increase, the percentage will eventually go down and the risk of the 51% attack will reduce significantly. It will make Bitcoin (BTC) much more secure in the longer term. The probability of any kind of attack will decrease as well.
The 51% attacks are increasing at a rapid pace. That is why, any move towards proper security and avoidance of 51% attack probability will help the entire cryptocurrency as well as the investors.
Thus, not only the dominance of Bitcoin is decreasing but Bitcoin (BTC) is actually becoming much more secure.