Bitcoin Mining Shifts as US Share Drops and Russia Rises

The United States’ share of bitcoin mining has declined, while Russia’s has increased, though the top three countries, U.S., Russia, and China, still dominate 65.4% of the network’s hashrate, according to CryptoSlate’s report on Hashrate Index’s October estimates.

The U.S. hashrate dropped from 345 EH/s to 335 EH/s, reducing its share from 36.7% to 35.6%. Meanwhile, Russia’s hashrate rose from 162 EH/s to 170 EH/s, increasing its share from 17.2% to 18.1%. China’s hashrate slightly decreased from 115 EH/s to 110 EH/s. Despite these shifts, the total network hashrate remained stable at around 941 EH/s, indicating no significant overall change in mining capacity.

The data reflects third-quarter trends rather than confirmed fourth-quarter results. While the U.S. share has fallen and Russia’s has grown, it’s unclear whether mining equipment moved directly from the U.S. to Russia. National totals can change due to separate equipment operations in different countries.

Hashrate Index noted that country-level mining shares do not reveal equipment ownership or transaction selection control. Mining pools and equipment operators may differ, and transaction selection can be independent of equipment location. Luxor Technologies attributed some regional mining declines to shifts toward artificial intelligence and high-performance computing, but this does not fully explain national trends.