Bitcoin Decentralization Under Threat as Mining Power Concentrates in Three Nations

The Bitcoin network's mining power is heavily concentrated in just three countries: the United States, China, and Russia. According to analyst Lucky, these nations account for an estimated 68% of the network's total hashpower.

The concentration of mining capacity is driven by infrastructure, energy access, and regulatory dynamics rather than coincidence. The U.S. leads largely due to institutional-scale operations, access to capital markets, and relatively clear regulations in states like Texas.

China continues to contribute despite official bans, with underground and relocated operations still drawing on cheap hydropower and coal. Russia benefits from low electricity costs and cold climates that reduce cooling expenses.