Bitcoin Mining Power Tied to Just Three Nations
Bitcoin's (BTC) mining landscape has raised concerns about decentralization. According to an analysis by Lucky, three countries - the United States, China, and Russia - account for approximately 68% of the network's total hashpower.
The concentration is driven by infrastructure, energy access, and regulatory dynamics rather than coincidence. The U.S. leads due to institutional-scale operations, access to capital markets, and clear regulations in states like Texas. China continues to contribute despite official bans, relying on cheap hydropower and coal. Russia benefits from low electricity costs and cold climates.
The distribution of hashpower offers a more honest view of where influence within the BTC network actually sits, Lucky argued. This imbalance has sparked questions about the practical limits of decentralization in a system built to resist geographic control.