Bitcoin hashrate scramble: 68% of global BTC miners came from the U.S., Russia, and China, Q1 2026
In the initial quarter of 2026, the global Bitcoin hashrate landscape remained firmly in the grasp of three dominant nations. A report released by CoinShares, a prominent cryptocurrency investment management firm, revealed that the United States, Russia, and China collectively accounted for approximately 68% of the worldwide Bitcoin hashrate between January and March. The United States held a substantial 38% share, followed by Russia with 17%, and China with a 13% stake in the global Bitcoin mining power.
A notable shift in the global hashrate distribution was observed, with the United States experiencing a 2% quarter-over-quarter (QoQ) increase in its share of the global Bitcoin hashrate. Russia mirrored this growth, gaining almost an identical percentage, while China's market share declined by roughly 3% QoQ. The latest data, available as of March, also highlights the emergence of three new players – Paraguay, Ethiopia, and Oman – in the global Bitcoin hashrate arena.
A key factor contributing to the dominance of the United States and Russia in the Bitcoin hashrate rankings is the presence of clear and well-defined mining regulations. The United States, in particular, has witnessed significant investment in Bitcoin mining operations, driven in part by institutional investors such as Mara Holdings (MARA) during the presidency of Donald Trump. Recently, a group of U.S. Senators, led by Cynthia Lummis, introduced the Mined in America Act, aimed at establishing a more comprehensive legal framework and providing support for the domestic crypto mining industry. Similarly, the Russian government has introduced several regulatory measures, including a proposed bill to criminalize unauthorized crypto mining operations, demonstrating a more stringent approach to the industry.
In contrast, China's regulatory environment continues to hinder the growth of its Bitcoin hashrate. The country's comprehensive ban on cryptocurrency activities, which includes trading, issuance, and mining, has been consistently enforced and reinforced, resulting in most of China's Bitcoin mining operations being conducted illegally. This rigid stance has contributed to China's declining market share in the global Bitcoin hashrate, paving the way for other nations to gain ground in the competitive landscape.