Bitcoin Hashrate Surges on Chinese Hydroelectric Power, But Regulatory Issues Loom

Bitcoin's hashrate is recovering after hitting a low of near 850 EH/s in early September, according to recent data. This recovery follows volatility seen earlier this year, and the network now sits roughly 20% below its October 2025 peak of about 1.15 ZH/s.

The current hashrate of over 915 EH/s is largely driven by a surge in hydroelectric power from China's Sichuan province, which provides cheap and stable energy to miners. However, this has led to regulatory issues in the region, with local authorities mandating that mining companies leave the province by September.

Foundry USA currently holds 26% of the total hashrate, followed closely by AntPool and F2Pool, each controlling between 14-18%. This concentration of power among a few large pools raises concerns about the dominance of these entities in the network.