Global Hashrate Heatmap Update: Q4 2025

The latest update to Hashrate Index’s Global Hashrate Heatmap highlights how Bitcoin mining power continues to shift worldwide. This quarterly dataset tracks country-level market share and hashrate (EH/s), providing transparency into which regions dominate and which are emerging.

Top 10 Countries by Market Share (Q4 2025)

Bitcoin mining remains geographically concentrated, with just a handful of countries commanding most of the global hashrate:

1. United States — 37.8% (~389 EH/s)
2. Russia — 15.5% (~160 EH/s)
3. China — 14.1% (~145 EH/s)
4. Paraguay — 3.9% (~40 EH/s)
5. United Arab Emirates — 3.2% (~33 EH/s)
6. Oman — 2.9% (~30 EH/s)
7. Canada — 2.9% (~30 EH/s)
8. Kazakhstan — 2.1% (~22 EH/s)
9. Ethiopia — 1.9% (~20 EH/s)
10. Indonesia — 1.6% (~17 EH/s)

Together, the top three countries control ~67.5% of global hashrate, showing that concentration remains high even as new players emerge.

Quarter-over-Quarter Movers

Mining activity is dynamic. Comparing Q4 2025 vs. Q3 2025, the biggest shifts in global market share were:

Top 5 Absolute Gainers (share points):

• United States: +1.95 pp (35.8% → 37.8%)
• Laos: +0.22 pp (0.55% → 0.78%)
• China: +0.22 pp (13.8% → 14.1%)
• Bolivia: +0.21 pp (0.08% → 0.29%)
• Georgia: +0.17 pp (1.00% → 1.16%)

Top 5 Absolute Losers (share points):

• Russia: –1.09 pp (16.6% → 15.5%)
• United Arab Emirates: –0.34 pp (3.54% → 3.20%)
• Kazakhstan: –0.19 pp (2.33% → 2.13%)
• Argentina: –0.17 pp (0.55% → 0.39%)
• Norway: –0.15 pp (1.61% → 1.45%)

Biggest Callouts

• The United States posted the largest increase, gaining nearly 2 full percentage points.
• Russia saw the sharpest drop, losing more than 1 percentage point of global hashrate.

Multi-Quarter Trends (Q1 2025 → Q4 2025)

Looking across the past five reporting periods (Q1 2025 through Q4 2025):

• Consistent risers: The U.S. has steadily added share each quarter, solidifying its lead.
• Emerging growth: Countries like Paraguay, Oman, and Ethiopia have all moved into the global Top 10.
• Persistent declines: Russia remains in the #2 spot but has given up marketshare for two consecutive quarters.

Regional Dynamics

• North America: The U.S. surge keeps the region firmly in the lead, with Canada contributing a stable ~3%.
• Asia: China has stabilized after past volatility, while countries like Laos and Georgia show incremental gains.
• Middle East: The UAE and Oman remain strong hosts, though the UAE’s share slipped this quarter.
• Latin America: Paraguay continues to climb, now holding nearly 4% of global hashrate.
• Africa: Ethiopia joins the Top 10 for the first time, signaling broader diversification.

Emerging Players

Some smaller markets (<1% share) showed meaningful growth:

• Laos — grew from 0.55% → 0.78%
• Bolivia — grew from 0.08% → 0.29%
• Georgia — grew from 1.00% → 1.16%

These may seem like small percentages, but they highlight how miners are increasingly testing new regions with regulatory or energy advantages.

Key Takeaways

• The Global Hashrate Heatmap shows the U.S. pulling further ahead, now close to 38% of global hashrate.
• Russia’s decline continues, losing more than 1 percentage point of global mining marketshare QoQ. Russia did increase hashrate, but it isn’t keeping up with its top competitors—U.S. and China.
• Emerging markets like Paraguay, Ethiopia, and Laos are gaining visibility on the global mining map.
• Concentration remains high: the top three countries together account for ~68% of all Bitcoin mining.