Worldwide Hashrate Overview

Here are the top 10 countries with their share of the Bitcoin mining market as of Q4 2025: - United States: 37.8% (~389 EH/s) - Russia: 15.5% (~160 EH/s) - China: 14.1% (~145 EH/s) - Paraguay: 3.9% (~40 EH/s) - United Arab Emirates: 3.2% (~33 EH/s) - Oman: 2.9% (~30 EH/s) - Canada: 2.9% (~30 EH/s) - Kazakhstan: 2.1% (~22 EH/s) - Ethiopia: 1.9% (~20 EH/s) - Indonesia: 1.6% (~17 EH/s) Now, looking at Q1 2026, the mining scene is still pretty concentrated: - United States: 37.5% (~400 EH/s) - Russia: 16.4% (~175 EH/s) - China: 11.7% (~125 EH/s) - Paraguay: 4.0% (~43 EH/s) - United Arab Emirates: 3.1% (~33 EH/s) - Oman: 3.0% (~32 EH/s) - Canada: 2.6% (~28 EH/s) - Ethiopia: 2.6% (~27.5 EH/s) - Kazakhstan: 2.1% (~22 EH/s) - Indonesia: 1.9% (~20 EH/s) Fast forward to Q2 2026, and the top three countries are still dominating with around 65% of the global hashrate: - United States: 37.4% (~375 EH/s) - Russia: 16.9% (~170 EH/s) - China: 12.0% (~120 EH/s) - Paraguay: 4.3% (~43 EH/s) - United Arab Emirates: 3.0% (~30 EH/s) - Oman: 3.0% (~30 EH/s) - Canada: 2.6% (~26 EH/s) - Ethiopia: 2.5% (~25 EH/s) - Kazakhstan: 1.8% (~18 EH/s) - Indonesia: 1.8% (~18 EH/s)

I don't think the stats are so accurate especially for those at the top spot. I believe some miners use VPNs and most of them have so many IP address for the US, some European countries and a few from Asia. It would be interesting to see the average electricity tariffs per kWh for those countries

Interesting list. Even Bitcoin mining superpowers like the US, Russia, and China are still at the top. As for the others below, they likely have some of the lowest electricity rates in the world. If not, then it could be a VPN-related issue, which might make the data inaccurate, as mentioned earlier.

I doubt there are that many miner use VPN, since it could add some latency if they're not being careful. But the bigger concern is hashrateindex.com doesn't mention source of the data. I assume the data is only from Luxor (mentioned on bottom of the article), so the actual distribution could be different than what they show.

You're right that this data isn't accurate. Even in Russia, there's a lot of mixed data about underground mining, and no one will tell you the exact figures. In China, mining is officially banned, so all this mining is considered underground If you can share more precise data, we will be happy to study it.

You may actually be correct however I don’t think majority of miners are actually using VPN however, little percentage may actually be using and if they are using they will choose US as location. Electricity is actually one of the major problem majority of the under developed countries are facing and miners over their are really struggling to min, as we all know electricity is very important in mining, VPN related issue may not actually be responsible because I believe majority of miners don’t use VPN just little percentage of miners those.

I get Paraguay, they've got cheap hydro but what's up with Oman and UAE? I thought heat is the enemy of mining hardware

Air cooling is ineffective at temperatures above 40 degrees Celsius. Therefore, they use immersion cooling. These countries have government-supported mining programs, and miners are using excess energy that would otherwise be wasted. Technologies for converting flare gas into electricity at oil wells are also being used.

This is exactly what I thought. If mining is banned in a certain jurisdiction, those folks are obviously not going to risk their investments by not trying to mask their locations. Adding in the average electricity cost metric in those countries would actually give a clear picture of why the miners are more concentrated in certain area and why they are not in other areas and also where mining is officially banned.

In Russia, electricity prices in Moscow can vary greatly for different buyers. Large factories receive subsidies and discounts for large volumes. Sometimes these factories sell their excess electricity to miners. Other miners receive inexpensive electricity through gas generation, as gas is very cheap in Russia.