Bitcoin ($BTC) hashrate remained largely dominated by the top three countries in the first quarter of 2026.
During the first three months of this year, the United States, Russia, and China controlled about 68% of the recorded global Bitcoin hashrate, according to a report from CoinShares, a crypto investment management company. The United States had the lion’s share of around 38%, Russia with 17%, while China controlled 13% of the global $BTC mining power between January and March.
The report highlighted that the United States gained approximately 2% of global $BTC hashrate Quarter-over-Quarter (QoQ). Similarly, Russia added almost as much in Q1 as the United States, but China’s market share dropped by roughly 3% QoQ.
As of March, three fresh countries – including Paraguay, Ethiopia, and Oman – entered the race to dominate the global Bitcoin hashrate.
Clear regulations boost Bitcoin hashrate in top countries
The main reason the United States and Russia led China in Bitcoin hashrate during the first quarter was clear mining regulations. Under President Donald Trump, institutional investors in the United States, led by Mara Holdings (MARA), have ramped up capital for $BTC mining operations.
Earlier this week, several U.S. Senators, led by Cynthia Lummis, introduced the Mined in America Act, which aims to provide a clearer legal framework and support for the U.S. crypto mining industry. In Russia, the government has unveiled several crypto mining regulations, including a recent bill to the State of Duma that would criminalize unauthorized crypto mining operations, signaling a stricter approach.
Meanwhile, in China, regulatory authorities have, over the years and most recently in Q1 2026, maintained and reinforced a comprehensive ban on cryptocurrency activities. This regulatory stance prohibits trading, issuance, and mining, resulting in most of the country’s $BTC mining activity occurring illegally.
