Three Nations Control 68% of Bitcoin's Mining Power

Bitcoin's mining power is still heavily concentrated in three countries: the United States, China, and Russia. These nations account for an estimated 68% of the network's total hashpower, raising questions about decentralization.

Lucky, a financial analyst, noted that while Bitcoin's network is technically permissionless, real-world factors have pushed mining capacity into these jurisdictions. The US leads due to institutional-scale operations 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.