Bitcoin mining pool economics
As of July 26, 2026, Foundry USA found 26.1% of Bitcoin blocks over 24 hours, the network's Nakamoto coefficient is 3 and the top three pools account for 63.4% of blocks, based on the 142 blocks analyzed by our Bitcoin Core full node.
Learn more: key figures, metric methodology & FAQ▾
Pool key figures
- Window analyzed
- 24 hours (142 blocks)
- Latest block
- 959,718
- Top pool (blocks found)
- Foundry USA (26.1%)
- Nakamoto coefficient
- 3
- Top 3 pools share
- 63.4%
- Mean fees per block
- 0.0159 BTC
- Median fees per block
- 0.0127 BTC
- Unattributed block share
- 1.4%
Understanding Bitcoin mining pool economics
This Bitcoin mining pool economics index is computed exclusively from our own self-hosted Bitcoin Core full node: every block is read on-chain, attributed to its pool through the markers in its coinbase transaction, then aggregated per window. We never use the figures reported by the pools themselves, which makes every value published here independently verifiable. The snapshot is regenerated server-side every five minutes and dated from the latest block analyzed by our node; the same dataset is served as JSON by our public API.
What is a mining pool?
A mining pool aggregates the computing power of thousands of miners to smooth out block reward variance: each miner receives a share proportional to its work instead of waiting, alone, for an improbable block. The shares on this page are shares of blocks actually found, counted on-chain, not hashrate shares: a pool's hashrate is not observable on-chain, only its blocks are. Over a short window this share fluctuates around the pool's real weight; that gap is precisely what luck measures.
Luck: variance and mean reversion
Luck divides the blocks a pool found by the blocks expected from its share observed over the baseline period preceding the window. Above 1, the pool found more blocks than its size suggested; below 1, fewer. Since mining is a Poisson process, this gap is purely statistical: it is transient and reverts towards 1 as the window grows. High luck is not an edge and low luck is not a flaw; for a miner paid FPPS, it is the pool that absorbs this variance anyway.
Fees captured and the fee capture premium
Each block pays the subsidy (3.125 BTC since the 2024 halving) plus the fees of the transactions it includes. The fee capture premium compares a pool's mean fees per block to the network mean over the same window. It is a first-level proxy: a pool whose blocks land during congested hours mechanically captures more fees, without any better transaction selection. We publish the figure with that caveat, along with each pool's mean fee rate in sat/vB to cross-check it; a rigorous version, based on block template comparison, is planned.
Centralisation: Nakamoto coefficient and attribution
The Nakamoto coefficient counts the minimum number of pools whose combined blocks exceed 50% of the window: the lower it is, the more concentrated block production is. We also publish the combined share of the top three pools and the share of unattributed blocks. Attribution relies on the public markers of the coinbase transaction; a block without a known marker is counted as unattributed rather than assigned arbitrarily. These measures describe the concentration of block production, not the ownership of the underlying hashrate, which no on-chain data can observe directly.
Source: self-hosted Bitcoin Core full node, attribution via coinbase transaction, never the figures reported by the pools. Snapshot regenerated every five minutes, dated from the latest block analyzed; same dataset through the public endpoint /api/pools.
Frequently asked questions
Which mining pool finds the most Bitcoin blocks?+
As of July 26, 2026, Foundry USA is the pool that found the most Bitcoin blocks: 37 blocks over 24 hours, or 26.1% of the 142 blocks analyzed by our Bitcoin Core full node. This is the share of blocks actually found on-chain, not a hashrate share reported by the pools: a pool's hashrate is not observable on-chain, only its blocks are.
What is the Nakamoto coefficient and what is its current value?+
The Nakamoto coefficient is the minimum number of pools whose combined blocks exceed 50% of the blocks found over the window: the lower it is, the more concentrated block production is. As of July 26, 2026, it stands at 3 over 24 hours, and the top three pools account for 63.4% of blocks.
What is a mining pool's "luck"?+
Luck divides the blocks a pool found by the blocks expected from its share observed over the 90 days preceding the window: above 1, the pool found more blocks than its size suggested; below 1, fewer. As of July 26, 2026, Foundry USA's luck over 24 hours is 0.94. This gap is purely statistical: it is transient and reverts towards 1 over time. High luck is not a durable edge, and low luck is not a flaw of the pool.
What is the fee capture premium?+
The fee capture premium compares a pool's mean fees per block to the network mean over the same window. As of July 26, 2026, Foundry USA's premium over 24 hours is +15.70%. Caution: this is a Tier 1 proxy, confounded by mining time. A pool whose blocks land during congested hours mechanically captures more fees, without any better transaction selection. Cross-check it against each pool's mean fee rate in sat/vB; a rigorous version, based on block template comparison, is planned.