Opinion by: Dr. Michael Tabone, senior economist for Cointelegraph
Bitcoin (BTC) mining has long been dominated by large-scale industrial operations, with public companies like Marathon Digital, CleanSpark and Riot Platforms controlling significant portions of the global hashrate. But what if that balance of power shifted? What if millions of individuals across industrialized nations took up home mining?
Home Bitcoin miners
This hypothetical scenario isn’t as far-fetched as it seems, especially with the rise of small, efficient ASICs like the Bitaxe Gamma 601, FutureBit Apollo, iPollo v1 Mini BTC and Antminer S9 SE/Hyrdo, giving the home miner hash power ranging from 1.2 to 17 terahashes per second. Some solo home Bitcoin miners have even won blocks, including ones on Jan. 29 and Jan. 30, 2025. So, what if every Bitcoiner in the United States, or even across industrialized countries, ran a solo miner?
If every Bitcoin holder in the US (approximately 67 million residents) alone deployed the lowest hash rate-producing miner from the list, the network would gain about 80.4 exahashes per second (EH/s), which is a substantial boost to the global network, but this wouldn’t outright surpass the corporate giants.
Let’s take this further. If every Bitcoin holder in industrialized countries, including Europe (31 million), Japan (3.7 million), South Korea (15.6 million) and Australia (approximately 5 million) joined in, the cumulative hashrate would reach an astonishing 146.76 EH/s, significantly boosting the existing global hashrate (see Figure 1).
Global Bitcoin Hashrate (as of Jan. 30, 2025): 835.04 EH/s
Percentage Change with US Miners: (80.4 EH/s ÷ 835.04 EH/s) × 100 ≈ 9.63%
Percentage Change with Industrial Countries: (146.76 EH/s ÷ 835.04 EH/s) × 100
≈ 17.57%
Bitcoin network hashrate percentage change with US and Industrial Countries – Source: Dr. Michael Tabone.
What would this mean for Bitcoin?
Industrial mining companies would have to compete against a truly decentralized mining force. With no single entity able to exert control over mining, Bitcoin’s security model would be reinforced against state-level attacks, regulatory capture or corporate collusion. A widely distributed hashrate would eliminate concerns over miner-driven censorship and make Bitcoin immune to government crackdowns.
Recent: Monthly Bitcoin production drops as miners fight rising hashrate
Network security would reach unprecedented levels, making 51% attacks financially unfeasible. However, such an increase in mining participation would also introduce significant challenges, primarily in energy consumption, accessibility and incentives.
The practical barriers to mass solo mining
Despite the benefits, several factors make it unlikely that every Bitcoiner in an industrialized country would set up a solo mining operation. One of the most immediate obstacles is cost. Even small, efficient miners like the Bitaxe Gamma come with an upfront price tag of $180–$220, which, while reasonable for some, still poses a financial barrier for many.
Electricity costs also vary widely by region, making mining infeasible for those in high-cost energy markets.
Perhaps the most significant challenge, however, is the low probability of rewards in a high-difficulty environment. Bitcoin mining is already a lottery. If millions of new miners joined, solo mining rewards would become even rarer. Most home miners today use mining pools to ensure steady payouts, but reliance on large pools introduces centralization risks.
The chip sourcing problem
Even if demand for home mining explodes, there remains a critical bottleneck in sourcing chips for ASIC production. The semiconductor industry is highly centralized, with only a few foundries (like TSMC and Samsung) capable of producing high-efficiency chips.
The problem is twofold: Priority goes to larger mining companies — Bitmain and MicroBT — and other major players secure bulk orders well in advance. Geopolitical tensions, resource shortages and manufacturing constraints limit chip production.
Home mining will remain supply-constrained without alternative ASIC producers compared to industrial-scale mining operations. Domestic ASIC chip production in the US could increase under President Donald Trump’s administration, which could affect this dynamic.
How ASIC prices would respond to mass demand
If millions of people suddenly wanted ASIC miners, prices would surge.
Industrial ASICs (Antminer S19, Whatsminer M50): Prices could quadruple ($3,000 → $12,000+) due to chip shortages and high demand.
A short-term price explosion would occur owing to supply chain constraints, but over time, manufacturing would scale up to meet demand, stabilizing prices at a higher but reasonable level.
Is this feasible?
While not a literal proposal, this thought experiment highlights a key reality: The more individuals mining Bitcoin, the stronger and more decentralized the network becomes. Solo Bitcoin mining ensures that mining remains distributed enough that a few entities do not dominate it.
Bitcoin’s security model thrives on incentives, and while corporate miners currently play a significant role, a surge in sovereign individuals running home miners would be a game-changer. If even a fraction of industrialized nations embraced small-scale mining, the network would be far more decentralized than it is today.
Will Bitcoiners push for broader mining adoption, or will industrial-scale miners continue to consolidate power? The future of Bitcoin’s decentralization may depend on the answer.
Opinion by: Dr. Michael Tabone, senior economist for Cointelegraph.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
