Hashrate Index estimates that the United States, Russia and China together accounted for 65.6% of global Bitcoin hashrate in Q1 2026—about 66%. The same estimate shows rapid growth in several smaller mining markets, especially Pakistan, Kyrgyzstan and Ethiopia. These are period-specific estimates, not a permanent ranking or an official count of every mining operation.
Which countries mine the most Bitcoin?
Hashrate Index’s Q1 2026 Global Hashrate Heatmap, published January 12, 2026, estimates the following shares of global Bitcoin hashrate:
| Country or group | Estimated share |
|---|---|
| United States | 37.5% |
| Russia | 16.4% |
| China | 11.7% |
| Top three combined | 65.6% |
The combined figure rounds to 66%, but it belongs to Hashrate Index’s Q1 2026 estimate. It should not be read as an exact census or a share that will necessarily hold in later quarters. Hashrate Index’s Bitcoin Mining Map provides the underlying country estimates.
Which mining countries are gaining?
Hashrate Index identifies multiple fast-growing markets in the same quarter, rather than one new country clearly challenging the top three. Absolute estimated hashrate helps put the growth percentages in context:
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| Country | Estimated hashrate change | Estimated hashrate | Context |
|---|---|---|---|
| Pakistan | +1,233% quarter over quarter | 0.3 to 4 EH/s | Very high growth from a small starting base |
| Kyrgyzstan | +167% quarter over quarter | 1.5 to 4 EH/s | Growth 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 | Ranked eighth in Q1 2026, up from tenth a year earlier |
EH/s means exahashes per second, a measure of computational hashing capacity. The comparison figures and rank are Hashrate Index estimates for Q1 2026. Pakistan’s and Kyrgyzstan’s striking percentage increases start from far smaller estimated totals than Ethiopia’s. None of these growth rates, by itself, means a country has become a top-three competitor or holds a large portion of global hashrate. Hashrate Index’s heatmap reports the country estimates and comparisons.
Why do estimates of Bitcoin mining by country disagree?
There is no single, complete public census of mining facilities and their computing capacity. Researchers use different data sources and methods, so figures should be compared only after checking what each one measures and when.
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Hashrate Index estimates national shares
The Q1 2026 Hashrate Index heatmap presents estimates of country hashrate and market share. Those estimates are the basis for the 37.5%, 16.4% and 11.7% figures above. They are not the same measure as a survey of selected mining companies.
Cambridge reports what participating firms disclosed
The Cambridge Centre for Alternative Finance’s report, issued April 28, 2025, draws on survey responses from 49 mining firms operating across 23 countries. The reported data covered 48% of global mining activity. As of June 30, 2024, respondents reported activity distribution of 75.4% in the United States and 7.1% in Canada, weighted by participants’ reported power consumption. These are survey-based shares of reported participant activity, not a full-population estimate directly comparable with Hashrate Index’s country shares. Cambridge’s 2025 Bitcoin Mining Industry Report describes the survey and its coverage.
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Because the two publications measure and collect different information over different periods, their figures should not be averaged or treated as one disproving the other. Cambridge Research Lead Alexander Neumueller described the report’s approach this way: “This report directly addresses a persistent data gap by relying on direct practitioner insights rather than abstractions.”
Mining sites can be difficult to identify and track
The U.S. Energy Information Administration explains that mining operators can be hard to distinguish among electricity customers, facility power-use information may be unavailable or unclear, and miners may move toward cheaper electricity. The agency says Cambridge’s electricity-consumption estimates use a hybrid top-down model with lower and upper bounds as well as a best estimate. The EIA’s 2024 explanation of Bitcoin mining’s electricity use also cites Cambridge’s historical estimate that the United States held 37.8% of global hashrate in January 2022, the last month for which that country estimate was available in the cited series. That historical figure is not a current U.S. share.
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What the country estimates do—and do not—tell you
Country-level hashrate estimates describe where mining capacity is believed to operate, not who owns the mining companies, how much Bitcoin a country holds, or how profitable mining is for an individual operator. The figures also do not establish that a retail Bitcoin ASIC miner is profitable or suitable for home use.
Mining’s energy impact is also measured separately from its geographic distribution. Cambridge’s 2025 report estimates annual Bitcoin electricity consumption at 138 TWh and network emissions at 39.8 MtCO2e, based on reported data representing 48% of global mining activity. The same report’s survey-based energy mix estimates are 52.4% sustainable energy—42.6% renewables and 9.8% nuclear—alongside 38.2% natural gas and 8.9% coal. Those energy-mix figures are not a country breakdown. Cambridge’s report details its estimates and survey basis.
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How to read the headline figure
- Check the source and date: the approximately 66% combined share is Hashrate Index’s Q1 2026 estimate.
- Separate growth from scale: large percentage gains can begin from low estimated hashrate totals.
- Compare like with like: a modeled country estimate and a survey of participating firms are different kinds of evidence.
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