Russia Gains as US Bitcoin Mining Share Declines

Bitcoin mining's global landscape has seen notable shifts, with the United States losing ground while Russia gains. Data from Hashrate Index's October 5 report reveals that the US mining hashrate dropped from 345 EH/s to 335 EH/s, while Russia's increased from 162 EH/s to 170 EH/s. Despite these changes, the combined share of the top three mining countries, the US, Russia, and China, remains high at roughly 66%, though it slipped by about 0.8%.

The report highlights that while the US's share fell from 36.7% to 35.6%, Russia's rose from 17.2% to 18.1%. China's estimated hashrate also declined slightly from 115 EH/s to 110 EH/s. The global network hashrate remained nearly flat, moving from 940 EH/s to 941 EH/s. These figures, however, represent observations from the third quarter and are not a live census of current operations.

The report cautions against interpreting these shifts as a direct transfer of mining equipment between countries. For instance, some regional declines, such as in the US, are attributed to miners switching to artificial intelligence and high-performance computing. Companies like Keel Infrastructure and Core Scientific have disclosed plans to decommission or repurpose their mining facilities for other uses. Additionally, power restrictions in countries like Ethiopia have contributed to observed declines.

The data does not provide insights into ownership or operational control of the mining equipment. While geographic distribution has shifted, the network's concentration among the top three countries persists. Establishing broader decentralization would require more detailed evidence about ownership, pool participation, and transaction selection.