Bitcoin Hasrate Recovers to 650 EH/s Amid Concerns Over Concentration of Power
The Bitcoin network hashrate recently recovered to 650 EH/s in April 2026, after dropping to 586 EH/s in May. This increase is significant because China still maintains a substantial portion of the global hashrate through underground operations in regions like Sichuan, despite previous bans.
China's involvement prevents the network from achieving true geographic decentralization. The US hosts about 37% of the global hashrate, with Texas being the largest hub. However, a severe winter storm in February 2026 forced 200 EH/s of capacity offline in some regions, highlighting the vulnerability to regional policy changes.
Hardware efficiency and scale are also crucial factors. Bitmain's Antminer S21 XP delivers 270 TH/s at 13.5 J/TH, a significant improvement over its predecessor. However, this increased power consumption requires upgraded electrical infrastructure and produces 3,645W of heat.
The 40% reduction in electricity costs compared to the S19 series makes the machine attractive for fleet expansion. Nevertheless, the gap between $0.06 and $0.12 per kWh costs over $1,900 per year on one machine, determining whether a mining operation survives difficulty increases or shuts down completely.
The concentration of power in pools like Foundry USA and AntPool remains a concern. These top five pools control over 70% of all block production, giving pool operators control over block templates. Several pools use identical block templates to AntPool's.