Global Shifts in Bitcoin Mining

The landscape of Bitcoin mining is evolving, with significant changes in the global distribution of hashrate, as reported by MinerMetrics. This new analysis presents a fascinating glimpse into the shifting dynamics of Bitcoin mining power across the world, according to MinerMetrics.

MinerMetrics’ latest Bitcoin mining map, which adopts a bottom-up methodology for estimating the hashrate of each country, reveals that the United States, China, and Russia are the dominant forces in Bitcoin mining. Together, these three countries account for a whopping 67% of Bitcoin’s total hashrate, with the U.S. alone contributing 40%.

Other notable countries in the mining landscape include Canada (5%), Kazakhstan (3.5%), the United Arab Emirates (3%), Malaysia (3%), Norway (1.5%), and Sweden (0.9%). These figures highlight the concentration of mining power in a few key locations, particularly in North America and Asia, which combined, produce 86.7% of the global hashrate.

Africa, despite its vast energy resources, contributes a relatively small 2.2% of the global hashrate. However, this is poised to change. With the upcoming Bitcoin halving, Africa is attracting miners due to its exceptionally cheap power sources, mostly renewable. Countries like Ethiopia are emerging as new hubs for Bitcoin mining, offering hosting services with hydropower at competitive rates. This shift towards Africa could contribute to making the Bitcoin network more geographically decentralized. 

The report by MinerMetrics, underscores the ongoing evolution of the Bitcoin mining industry. As countries vie for a larger share of the global hashrate, the industry is set to become more diversified and possibly more resilient.