For the first quarter of 2026, the average computing power of the bitcoin network (30 SMA) fell from 1066 EH/s to 1004 EH/s, or 5.8%. Hashrate Index believes that this is a consequence of the write-off of morally obsolete equipment, not geopolitical factors. They link the reallocation of capacity around the world to a decline in mining profitability.

Leadership has hardly changed. The US holds first place with a 37.4% share - its hash ratio has shrunk by 0.13% due to the deactivation of unprofitable installations and the reorientation toward AI. Russia strengthened to the second position (16.9%). China is closing the troika, increasing its share from 11.7% to 12%, but its physical capacity has declined by 1.35% (to 120 EH/s) since the Xinjiang government’s raids in December. Together, the three countries control nearly 65% of global hash.

Experts point to the gradual dispersal of capacity: impressive annual gains were shown by Kyrgyzstan (+300%), Laos (+100%), Finland (+100%) and Paraguay (+54%) - thanks to new equipment and cheap electricity.