Bitcoin Mining Shifts as US Share Declines and Russia Gains Ground

The latest data from Hashrate Index reveals shifting dynamics in the Bitcoin mining landscape, particularly among the top three countries controlling the majority of the network's hashrate. As of October 5, the United States saw its estimated hashrate decline from 345 EH/s to 335 EH/s, while Russia's hashrate increased from 162 EH/s to 170 EH/s. Despite these changes, the combined share of the US, Russia, and China remains around 66%, though it slipped by about 0.8%. The global hashrate estimate stayed almost flat at approximately 941 EH/s.

The decline in US hashrate share, from 36.7% to 35.6%, contrasts with Russia's growth, which rose from 17.2% to 18.1%. China's estimated hashrate also decreased slightly from 115 EH/s to 110 EH/s. These shifts indicate a modest change in geographic concentration, with a clearer shift in the balance between the two largest mining locations.

The data highlights that while the top three countries still dominate Bitcoin mining, the distribution of hashrate among them is evolving. The report notes that machines switching off in one country and others switching on elsewhere can change the distribution without the same equipment moving between them. This underscores the complexity of tracking mining activity and the limitations of relying solely on geographic estimates.

Additional factors, such as the switch toward artificial intelligence and high-performance computing, have contributed to regional mining declines. For instance, Keel Infrastructure completed decommissioning all its US Bitcoin mining operations, while Core Scientific is repurposing its remaining mining facilities for high-density colocation services. These examples illustrate how operational changes at individual sites can impact overall hashrate distribution.