In its latest study, Luxor Technology revealed that the three largest Bitcoin (BTC) mining countries account for over 65% of the market share. But who are the leaders in this sector?
On Monday, Luxor Technology’s Hashrate Index website released its latest global hashrate heatmap update, showcasing the geographical distribution of computing power deployed on the Bitcoin (BTC) blockchain. The top three countries in the ranking are the United States with 37.4% (~375 EH/s), followed by Russia at 16.9% (~170 EH/s), and China at 12.0% (~120 EH/s).
These three countries alone represent approximately 65% of the global hashrate, raising concerns about decentralization. However, this level of centralization is less problematic compared to blockchains operating on a Proof-of-Stake (PoS) consensus. Miners play a crucial role in finding the hash of the latest block, while nodes enforce the game rules. The decentralization of nodes is more critical in Bitcoin’s operation, where miners mainly affect block production speed and mining difficulty.
The global hashrate has decreased by 5.8% since the beginning of the year, dropping from 1,066 EH/s to 1,004 EH/s. Despite some countries contributing less to the overall computing power, their growth rates are remarkable. For example, Pakistan saw a 1,233% growth to 4 EH/s, and Bolivia surged by 2,400%.
In the United States, the hashrate rose to 375 EH/s, marking a 39% increase over the year. Meanwhile, in South America, Paraguay’s computing power rose by 54%, while Argentina disconnected machines equivalent to 43%. France only contributes 0.047% of the market share with 0.5 EH/s.
Additionally, the BTC price stood at $68,354 at the time of writing, showing a 1.8% decrease in the past 24 hours.
(Source: Hashrate Index)
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