Mining Dominance: US, China, Russia Control 68% of Bitcoin Hashpower

Bitcoin mining has become increasingly concentrated in just three nations: the United States, China, and Russia. According to recent data, these countries account for approximately 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 due to institutional-scale operations, access to capital markets, 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.

Lucky argued that tracking hashpower distribution offers a more honest view of where influence within the BTC network actually sits.