We started our Bitcoin Mining Around the World series to surface where hashrate is actually heating up. As Bitcoin mining industrialized through 2025, geographical trends increasingly reflected energy policy, capital access, and regulation rather than ideology or headlines. Global hashrate crossed the 1 zettahash per second (1 ZH/s) threshold, marking a structural milestone for the network. At this scale, marginal moves matter. 

Hashrate Index’s Global Hashrate Heatmap estimates the geographic distribution of bitcoin mining activity using a weighted blend of mining pool data, ASIC trading flows, and firmware adoption trends.

Here is Hashrate Index’s list for the top Bitcoin mining countries in 2026.

1. The United States of America

The United States remains the largest Bitcoin mining market, combining institutional capital, deeply integrated power markets, and operational sophistication. While regulation varies by state, jurisdictions like Texas and Wyoming continue to attract miners due to flexible grids, demand response programs, and access to cheap energy. Renewable penetration has increased, and robust infrastructure plus capital markets keep the U.S. the preferred base for large-scale, risk-adjusted mining operations.

2. Russia

Russia retains a significant share of global hashrate, anchored by abundant natural gas and hydropower resources and favorable climates in regions such as Siberia. Domestic operators have expanded aggressively, benefiting from low energy costs and reduced cooling requirements. For foreign miners, regulatory opacity, sanctions, and geopolitical risk remain structural constraints that limit external participation.

3. China

Despite an official mining ban, China continues to contribute materially to global hashrate through underground and semi-tolerated operations. Seasonal hydropower, particularly in Sichuan, combined with proximity to ASIC manufacturing and deep operational expertise, sustains hashrate activity. Regulatory risk remains elevated, but scale, infrastructure, and know-how keep China structurally relevant.

4. Paraguay

Paraguay’s role in Bitcoin mining is driven by surplus hydroelectric power from the Itaipú Dam, offering some of the lowest marginal electricity costs globally. This energy advantage continues to attract miners seeking efficiency, though regulatory inconsistency and limited long-term policy clarity introduce uncertainty for large-scale investment.

Check out our Bitcoin Mining Around the World series article on Paraguay here.

5. The United Arab Emirates (UAE)

The UAE has emerged as a capital-backed mining jurisdiction, supported by government involvement and access to diversified energy sources. While extreme heat necessitates advanced cooling solutions such as immersion, strong infrastructure, financing availability, and coordinated industrial strategy have enabled meaningful hashrate growth.

Check out our Bitcoin Mining Around the World series article on the UAE here.

6. Oman

Oman has quickly established itself as an emerging mining hub, driven by state-supported energy initiatives and interest in diversifying energy monetization. Access to low-cost power and coordinated development has enabled rapid hashrate accumulation, positioning Oman as a growing Middle Eastern mining center.

Check out our Bitcoin Mining Around the World series article on Oman here.

7. Canada

Canada remains a stable mining destination due to abundant hydroelectric resources in provinces like Quebec and British Columbia. However, policy fragmentation across provinces creates uneven growth, with some regions restricting mining while others actively support it. The result is a steady-state rather than rapid growth.

8. Ethiopia

Ethiopia is one of the fastest-growing mining markets, leveraging underutilized hydroelectric capacity and government interest in monetizing energy exports via compute. Growth has been rapid, though political instability and intermittent civil conflict introduce long-term operational risk for large deployments.

Check out our Bitcoin Mining Around the World series article on the continent of Africa, covering Ethiopia, here.

9. Kazakhstan

Kazakhstan’s hashrate share continues to decline from post-China-ban highs. While coal-based energy and geographic proximity to manufacturers initially fueled growth, increased regulation, energy caps, and grid strain have reduced competitiveness. The country remains relevant but less central than in prior cycles.

Check out our Bitcoin Mining Around the World series article on Kazakhstan here.

10. Indonesia

Indonesia rounds out the top ten as mining activity expands alongside regional energy development. Growth is driven by improving infrastructure and access to localized power resources, though regulatory clarity and grid reliability vary by region. Activity remains smaller in scale but continues to trend upward.

Each country reflects a different balance of power economics, regulatory tolerance, capital access, and infrastructure maturity. Mining activity concentrates where energy can be monetized reliably and operators can respond to policy and grid signals in real time. For miners and investors, competitive advantage comes from understanding local constraints before capital is deployed, not after.

— Happy Hashing!