In a significant development for Bitcoin mining, seven of the largest mining pools have announced their support for the Stratum V2 protocol, a move that could reshape the landscape of transaction selection in Bitcoin blocks. The pools involved include Foundry, AntPool, F2Pool, SpiderPool, MARA Pool, Block Inc, and DMND, collectively representing nearly 75% of the global Bitcoin hashrate.
Stratum V2, which is an open-source protocol, allows individual miners to create their own block templates, shifting the power of transaction selection from pool operators to the miners themselves. This change addresses long-standing concerns within the Bitcoin community regarding centralization in mining operations.
Currently, Foundry commands 34.2% of the global hashrate, followed by AntPool at 14.2%, F2Pool at 11.3%, and SpiderPool at 10.5%. MARA Pool contributes an additional 4.7%. The new protocol aims to give miners more autonomy, although it does not alter the overall concentration of hashrate among the pools.
Under the existing Stratum V1 standard, pool operators have controlled transaction selection for new blocks, raising concerns about the risks associated with a single pool managing such a significant portion of the hashrate. The introduction of Stratum V2 is seen as a step toward decentralization, even if it does not directly reduce hashrate concentration.
The Stratum V2 protocol was co-founded in 2022 by Braiins and Spiral, but it had previously seen limited adoption. The recent commitment from major players like Foundry and AntPool marks a pivotal moment for the protocol, which is now poised for broader implementation.
As the mining industry faces challenges, including rising operational costs and profitability issues—CoinShares estimates that up to 20% of miners are currently unprofitable—this move could provide miners with new tools to enhance their operations. The Bitcoin network’s hashrate currently stands at 998 exahash per second, with a difficulty adjustment expected on May 15.
Seven major Bitcoin mining pools have united to support the Stratum V2 protocol, allowing individual miners to select transactions for new blocks. This shift addresses centralization concerns while representing nearly 75% of the global Bitcoin hashrate.