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Freedom251 › Blog › Bitcoin

3 Countries Account for 65.6% of Bitcoin Mining—But Several Rivals Are Growing

By Freedom251 Team · · 3 min read

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In Hashrate Index’s Q1 2026 estimate, the United States, Russia and China together accounted for 65.6% of global Bitcoin hashrate—about 66%. Several other countries were gaining, but no single fast-growing market in the same data had displaced those leaders. These are estimates for a particular quarter, not an official census or a permanent ranking.

Which countries mine the most Bitcoin?

Hashrate Index’s Q1 2026 Global Hashrate Heatmap, published January 12, 2026, estimates the country shares below. The combined share is calculated by adding the three country estimates.

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Country Estimated share of global Bitcoin hashrate
United States 37.5%
Russia 16.4%
China 11.7%
Top three combined 65.6% (about 66%)

Source: Hashrate Index’s Q1 2026 Global Hashrate Heatmap. The country percentages are estimates, not a government count of every operating mining facility.

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Which countries are gaining?

Hashrate Index’s Q1 2026 estimates show several notable increases. Comparing estimated hashrate in EH/s alongside growth makes clear why a high percentage rise does not necessarily mean a country is close to the leaders.

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Country Estimated hashrate change Estimated hashrate Context
Pakistan +1,233% quarter over quarter 0.3 to 4 EH/s Largest percentage increase among these examples, from a small base.
Kyrgyzstan +167% quarter over quarter 1.5 to 4 EH/s More than doubled from a small base.
Ethiopia +38% quarter over quarter; +129% year over year 20 to 27.5 EH/s quarter over quarter; 12 to 27.5 EH/s year over year Hashrate Index says it ranked eighth in Q1 2026, up from tenth a year earlier.

Source for all figures and Ethiopia’s rank: Hashrate Index, Q1 2026 Global Hashrate Heatmap. The growth rates describe different comparison periods, as shown; they should not be read as evidence that any of these countries has become a top-three competitor.

What does Bitcoin hashrate share mean?

Bitcoin mining uses computing power to compete to add blocks to the network. Hashrate is a measure of that computational power; EH/s means exahashes per second. A country’s estimated share is its portion of the total network hashrate attributed to mining activity there. It indicates where mining power is estimated to be located, not the number of miners, facilities, or machines.

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Attributing hashrate to a country is difficult. The U.S. Energy Information Administration explains that mining operators can be hard to identify among electricity customers, facility power use may not be publicly available or clear, and miners can move toward cheaper electricity. These factors make national estimates uncertain and potentially changeable.

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Why do published estimates disagree?

The figures depend on what is measured and how the data is collected. Hashrate Index presents estimated national hashrate shares. Cambridge Centre for Alternative Finance (CCAF), by contrast, reported the distribution of activity disclosed by survey participants. Those are different measures, so the percentages should not be averaged or treated as competing counts of the same population.

Source and reference period What the figures describe Coverage and qualification
Hashrate Index, Q1 2026 Estimated country shares of global Bitcoin hashrate. Country estimates for that quarter; not an official census.
CCAF, report issued April 28, 2025; activity reported as of June 30, 2024 Survey respondents’ reported activity distribution: United States 75.4%, Canada 7.1%. 49 firms across 23 countries; reported data represented 48% of global mining activity. The shares are weighted by participants’ reported power consumption and are not directly comparable with Hashrate Index’s country hashrate estimates.

CCAF describes its report as using survey-weighted information from mining firms. Its Research Lead for Digital Assets Energy and Climate Impact, Alexander Neumueller, said the report “directly addresses a persistent data gap by relying on direct practitioner insights rather than abstractions.” Read the Cambridge Judge Business School report announcement for the survey context.

The EIA also notes that CCAF estimates electricity use using a hybrid top-down model with lower and upper bounds as well as a best estimate. Cambridge’s historical U.S. share was 37.8% in January 2022; the EIA said this was the last month with a published country estimate in that series. It is historical context, not a current U.S. figure. See the U.S. Energy Information Administration’s discussion of Bitcoin mining electricity use.

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What the country estimates do—and do not—say about energy

Geographic concentration is not an energy-mix breakdown. CCAF’s 2025 report estimated that 52.4% of surveyed Bitcoin mining energy use came from sustainable sources—42.6% renewables and 9.8% nuclear—while natural gas accounted for 38.2% and coal 8.9%. These are survey-based energy-mix results, not figures assigned to particular countries.

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CCAF also estimated annual Bitcoin electricity consumption at 138 TWh and network emissions at 39.8 MtCO2e. The report’s underlying reported data covered 48% of global mining activity, so these figures are estimates rather than a complete measurement of every miner. See CCAF’s 2025 industry report announcement.

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