The Hashrate Big Three: USA, Russia, and China Snag 68% of Global BTC Mining — China's Just Not That Into It Anymore

Bitcoin hashrate remained stubbornly concentrated in three countries during Q1 2026. The United States, Russia, and China controlled approximately 68% of the recorded global Bitcoin hashrate from January through March, according to a report from CoinShares. Apparently, when it comes to securing the Bitcoin network, geography still matters more than your DeFi yield farming streak.

The United States claimed the lion's share at around 38%, Russia held 17%, while China chipped in 13% of the global BTC mining power during the quarter. To put this in perspective: the U.S. has nearly three times more hashrate than China, which once dominated Bitcoin mining so thoroughly that miners had to literally relocate when Beijing decided cryptocurrency was so 2013.

Breaking down the changes: The United States gained approximately 2% of global hashrate quarter-over-quarter. Russia added nearly as much as the States during Q1. Meanwhile, China's market share dropped roughly 3% QoQ — showing decreasing interest in the mining game. China going from hashrate hegemon to "just here for the memes" in roughly three years is the most dramatic exit in crypto since that guy who sold his Bitcoin at $500 to buy a motorcycle.

Three fresh players entered the race as of March: Paraguay, Ethiopia, and Oman. Welcome to the hash race, kids — you're gonna need a bigger rig. Paraguay joins with its cheap hydroelectric power, Ethiopia brings African mining energy costs that would make Texan miners weep, and Oman just said "we exist, I guess." Every hash matters, but these three are making their presence known with the energy of someone joining a group chat three years late.

Clear regulations appear to be driving hashrate concentration in the top countries. Under President Donald Trump, U.S. institutional investors — led by Mara Holdings — have ramped up capital for BTC mining operations. Several U.S. Senators, led by Cynthia Lummis, recently introduced the Mined in America Act, aiming to provide clearer legal framework and support for domestic crypto mining. Apparently, the land of the free also wants to be the land of the freshly-minted BTC — nothing says "economic freedom" quite like bipartisan legislation around proof-of-work.

Russia has unveiled several crypto mining regulations, including a recent bill to the State of Duma that would criminalize unauthorized crypto mining operations