The confrontation between Ethereum and Bitcoin Maximalist has returned. And the topic is decentralization, which Evan Van Ness, Ethereum developer and investor in web3 project said, “Bitcoin is more centralized than Ethereum.”
One of the biggest updates to the cryptocurrency market was the move away from Ethereum’s PoW, which has sparked a debate on a problematic topic: which network is more decentralized?
Currently, stake Ethereum on the network can be a more worrying sight, as most of the staked Ethereum is held by centralized exchanges that dominate around 30%.
However, according to Van Ness, the majority of Bitcoin blocks are mined by just two pools: Antpool and Foundry, which are the two largest pools in the entire network, while 716 of the last Bitcoin block was created by four pools. They include: Antpool, Foundry, F2 and Binance.
However, although decentralization among Bitcoin mining pools may not seem equal, But it certainly looks better than Ethereum, as most of the hash rates are spread between 5 pools: Antpool, Foundry, F2, Binance, and ViaBTC, with the first place accounting for 24% of the network’s hash rate, while the last one accounting for 9.4. %
While the share on Ethereum varies greatly. With first place holding more than 30% of Ethereum staked, fifth place holding just 2.2%. Technically, Lido could increase its stake in the network and break the dangerous 50% limit. This can cause serious problems for both validators and investors.
However, new validators tend to choose less dominant pools and exchanges. to avoid potential centralization problems.
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