A new report has revealed how the Bitcoin mining power has remained concentrated recently, with the top three nations controlling a 65% share.
US Continues Leading In Bitcoin Hashrate With 37.4% Share
In a new report, Hashrate Index has talked about how the global geographical heatmap of the Bitcoin Hashrate has changed compared to the last quarter. The “Hashrate” here refers to an indicator that measures the total amount of computing power that miners have attached to the BTC network. It’s measured in terms of hashes per second (H/s) or more practically, in exahashes per second (EH/s).
As the 7-day average chart for the indicator from Blockchain.com shows, the global Bitcoin Hashrate has declined this year.
Generally, there can be a few factors in play whenever the Hashrate declines, but a leading one tends to be the BTC price action. Miner rewards are denoted in BTC, so these validators depend on the cryptocurrency’s USD spot value for their revenue. When the asset declines, miners with less efficient machines can drop into loss and be forced to disconnect their rigs from the network.
Bitcoin has witnessed a significant drawdown since Q4 2025, so it’s not surprising to see that the 7-day average network Hashrate has decreased from 1,083 EH/s in October to 953 EH/s today.
Another factor that has probably been behind the Hashrate contraction is a pivot from major mining companies toward the AI datacenter business. Firms are deeming the industry to be more profitable than BTC mining, so some are even outright transitioning from Bitcoin to put their focus on it.
While the global Hashrate has declined, the trend in the computing power of individual nations has differed. For example, the United States lost Hashrate dominance of 0.13% since the start of 2026, but Kyrgyzstan and Paraguay gained shares of 0.4% and 0.3%, respectively.
Below is a table shared by the Hashrate Index report that breaks down the current mining market share of the top 10 countries.
As is visible, the US, Russia, and China are the three most dominant nations in Hashrate today with shares of 37.4%, 16.9%, and 12%, respectively. Together, the countries make up for 65% of the global Hashrate. Generally, mining power centralization doesn’t tend to be a positive for the sector, as it means local policy changes or disruptions can shake the blockchain as a whole.
Before mid-2021, China was the most dominant player in the space, but following the mining ban, miners fled the country, causing a plunge in the total network Hashrate. This year, a snow storm in the US caused miners to turn off their machines, which once again showed up as a significant reduction in the global metric.
BTC Price
Bitcoin has retraced its recovery during the past day as its price has dropped to the $67,900 mark.