Bitcoin Mining Power Concentrated in Just Three Nations: 68% Hashrate Held by US, China, and Russia

Bitcoin's decentralization is facing a challenge due to mining power being heavily concentrated in just three nations. According to data, the United States, China, and Russia together account for an estimated 68% of the network's total hashpower.

This concentration raises questions about the practical limits of decentralization in a system built to resist geographic control. Analyst Lucky noted that while Bitcoin's network is technically permissionless, real-world factors have pushed mining capacity into a handful of jurisdictions.

The U.S. leads largely due to institutional-scale operations and relatively clear regulations in states like Texas. China continues to contribute despite official bans, with underground and relocated operations drawing on cheap hydropower and coal. Russia benefits from low electricity costs and cold climates that reduce cooling expenses.