US Loses Grip on Bitcoin Mining as Rival Nations Gain Ground

The dominance of US-based Bitcoin mining has begun to slip, according to recent data. The country's share of the network's total hashrate has decreased from 37.523% at the start of the year to 36.7%, a loss of 0.823%. This is part of a broader trend, as all countries have seen losses in their hashpower between Q1 and Q3.

China has also seen its share increase, rising from 11.276% to 12.2%. China's total hashrate has decreased slightly, however, from 125 EH/s to 115 EH/s over the same period. Russia's share of the network has increased, growing from 16.417% to 17.2%, despite a loss of around 13 EH/s.

Paraguay is an exception to this trend, having seen its share rise from 4.034% to 4.7%. The country gained 1 EH/s in total hashrate since the start of the year. Other mining hubs have lost ground, including Kazakhstan and Oman.