Bitcoin Mining Dominated by Just Three Nations

Bitcoin's decentralized nature has been called into question due to its mining power being concentrated in just three countries: the United States, China, and Russia. According to analyst Lucky, these nations together account for an estimated 68% of the network's total hashpower.

The U.S. dominates 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, thanks to underground and relocated operations that still draw on cheap hydropower and coal. Russia benefits from low electricity costs and cold climates that reduce cooling expenses.

This pattern is driven by infrastructure, energy access, and regulatory dynamics rather than coincidence. Lucky argues that tracking hashpower distribution offers a more honest view of where influence within the BTC network actually sits.