Bitcoin Hashtag Distribution Reveals Dominance of Top Three Countries

Global Bitcoin mining operations have seen a significant concentration of hashrate in the first quarter of 2026. According to a recent report from CoinShares, a crypto investment management company, the top three countries - the United States, Russia, and China - controlled approximately 68% of the global Bitcoin hashrate during this period.

The US had the largest share with around 38%, followed by Russia with about 17%, and China with around 13%. This distribution highlights the dominance of these three countries in the global Bitcoin mining landscape.

The report also noted that the US gained a significant 2% in global BTC hashrate quarter-over-quarter (QoQ), while Russia added almost as much as the US. In contrast, China's market share dropped by around 3% QoQ.

The regulatory environment appears to have played a crucial role in shaping the distribution of Bitcoin hashrate among these countries. Clear regulations in the US and Russia have supported the growth of their mining industries, whereas China's comprehensive ban on cryptocurrency activities has led to most of its mining activity occurring illegally.