U.S. Bitcoin Mining Share Decreases to 36.7%

The share of Bitcoin mining in the United States has decreased to 36.7% in the third quarter. According to the Hashrate Index, the U.S. has a hashrate of approximately 345 EH/s, down by 0.8 percentage points and 55 EH/s from 37.5% and about 400 EH/s in the first quarter, respectively. Russia ranks second with 17.2%, while China holds third place with 12.2%. In the first quarter, Russia had 16.4% and China had 11.7%. The combined share of the top three countries saw little change, remaining around 66% in the third quarter compared to 65.6% in the first quarter. Paraguay maintained its fourth position, increasing its share from 4.0% to 4.7%. The total Bitcoin network hashrate decreased from approximately 1066 EH/s in the first quarter to about 940 EH/s in the third quarter. The Hashrate Index analyzed that due to low mining profitability, older equipment is being shut down, and some capital is shifting towards AI and high-performance computing infrastructure. Marathon (MARA) described mining as a 'strategic cash flow' and proposed a strategy that aligns with investments in AI infrastructure. Ethan Vera Luxor's COO stated that miners are being reassessed in terms of energy and AI infrastructure.

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