Mining Geography | ONEMINERS RESEARCH
Which Country Mines the Most Bitcoin in 2026? The Hashrate Map, Country by Country
The United States leads with 36.7% of the world's hashrate, but its share is slipping as Russia, China and Paraguay gain. The map follows one thing: cheap, reliable power.
By Michal Beno, CEO, OneMiners
Data verified 24 September 2026 · 10 min read
The short answer
The United States mines the most Bitcoin, with about 36.7% of global hashrate in late August 2026, according to the Hashrate Index hashrate heatmap. Russia is second at 17.2% and China third at 12.2%. Together the top three control about 66% of the network.
Bitcoin has no headquarters, but it does have an address book. Every block is produced by machines that sit in a real building, on a real grid, in a real jurisdiction. Where those buildings are has shifted dramatically in five years, from China's hydro valleys to Texas, Siberia, Paraguay's Itaipu dam and the highlands of Ethiopia. The common thread is never ideology. It is the price of a kilowatt hour.
36.7%
United States share of hashrate
17.2%
Russia
12.2%
China
892 EH/s
network hashrate in the dataset
Hashrate Index hashrate heatmap, 27 August 2026 (reported by Bitcoin.com News, 28 August 2026).
KEY TAKEAWAYS
The 2026 ranking
Share of global Bitcoin hashrate by country
Late August 2026, Hashrate Index hashrate heatmap
The top 12 Bitcoin mining countries
| Rank | Country | Share, Aug 2026 | Share, Q1 2026 | OneMiners site |
|---|---|---|---|---|
| 1 | United States | 36.7% | 37.5% | Yes, from 5.90 cents |
| 2 | Russia | 17.2% | 16.4% | - |
| 3 | China | 12.2% | 11.3% | Yes, from 6.20 cents |
| 4 | Paraguay | 4.7% | 4.0% | Yes, from 6.50 cents |
| 5 | United Arab Emirates | 3.0% | n/a | Yes, from 5.75 cents |
| 6 | Oman | 2.8% | 3.0% | - |
| 7 | Canada | 2.6% | 2.6% | Yes, from 6.50 cents |
| 8 | Ethiopia | 2.4% | 2.6% | Yes, from 5.30 cents |
| 9 | Indonesia | 1.8% | n/a | - |
| 10 | Norway | 1.7% | n/a | Yes, from 6.00 cents |
| 11 | Kazakhstan | 1.6% | 2.1% | - |
| 12 | Georgia | 1.2% | n/a | - |
Shares: Hashrate Index hashrate heatmap, 27 August 2026 (reported by Bitcoin.com News, 28 August 2026). OneMiners column shows the lowest published premium rate at its site in that country.
The three leaders, and why
1. United States: 36.7%
The US offers what institutional miners need most: deregulated power markets such as Texas, long-term industrial contracts, deep capital markets and legal clarity. Its share has eased from 37.5% in Q1, as some operators redirect power to AI data centres and others expand abroad. OneMiners runs US sites in Texas, Georgia, Houston, South Carolina and Kansas.
2. Russia: 17.2%
Cheap surplus power in Siberia and a cold climate that cuts cooling costs have made Russia the clear number two. Its share rose from 16.4% in Q1 to 17.2% in August.
3. China: 12.2%
China formally banned mining in 2021, yet estimates still place it third, reflecting operations that moved underground or into gray areas. Its estimated share grew from 11.3% to 12.2% this year. OneMiners publishes a China hosting location at 6.20 cents.
The movers: who is gaining and who is losing
Change in hashrate share, Q1 to August 2026
Percentage points; countries with both data points
Paraguay's gain is the most instructive. The country's surplus hydro power from the Itaipu dam is among the cheapest renewable electricity in the Americas, and its share has climbed to 4.7%. OneMiners' Paraguay site runs on the same Itaipu hydro. Kazakhstan, by contrast, has slipped from 2.1% to 1.6% as its tax and grid regime tightened.
“
The hashrate map is a price map. Bitcoin mining moves to wherever a reliable kilowatt hour is cheapest, and stays there only while it remains so.
OneMiners research
First, the stakes: why the power price draws the map
Electricity is 75 to 85% of the ongoing cost of mining. For an Antminer S23 Hyd 580T, the gap between a 5-cent industrial rate and a 17-cent household rate is about $5,792 a year. Multiply that across a warehouse of machines and the geography chooses itself.
OneMiners' published hosting rates in top mining countries
Lowest premium rate at each OneMiners site in a top-12 mining country, dollars per kWh
Antminer S23 Hyd 580T$12,299Hashrate580 TH/sEfficiency9.50 J/THPower draw5,510 WBreak-even power$0.175/kWhNet/day at 4.80c$16.76View on OneMiners
SealMiner A4 Ultra Hyd 886T$9,999Hashrate886 TH/sEfficiency9.45 J/THPower draw8,372 WBreak-even power$0.176/kWhNet/day at 4.80c$25.65View on OneMiners
Antminer S23 Hyd 3U 1160T$28,399Hashrate1,160 TH/sEfficiency9.50 J/THPower draw11,020 WBreak-even power$0.175/kWhNet/day at 4.80c$33.51View on OneMiners
Machines typically deployed at hydro-cooled hosting sites, live catalogue prices.
VERDICT: The United States mines the most Bitcoin in 2026, but the real ranking is of power prices. Miners who want the benefits of the leading countries without building there themselves host across several of them.
THE ONEMINERS VIEW
OneMiners' answer to the geography question is diversification: hosting in the US, Canada, Paraguay, Norway, Ethiopia, the UAE and China, plus Nigeria, Brazil, Finland and Czechia, with every rate published on the hosting centers page. Spreading machines across grids spreads regulatory, weather and grid risk too.
MORE FROM ONEMINERS
Which Country Is Cheapest for Bitcoin Mining in 2026? →Where Is It Safe to Host Bitcoin Miners in 2026? →Where Bitcoin Mining Gets Its Power in 2026 →Mine where the map says to
Calculate your numbers first
Put your machine and your electricity rate into the OneMiners Bitcoin mining calculator. If your rate sits above the machine's break-even line, stop there.
Choose the Bitcoin miner
Pick hardware on efficiency and capital per terahash, not on headline hashrate. The full Bitcoin miner catalogue lists live prices and specs.
Activate the hosting
Place it where power is cheap and fixed. OneMiners publishes every rate on its hosting centers page, from 4.80 cents per kWh, or 3.64 cents on a 7-year prepaid contract.
Frequently asked questions
Which country mines the most Bitcoin?
The United States, with about 36.7% of global hashrate in late August 2026.
What percentage of Bitcoin is mined in the US?
About 36.7% of hashrate, down from 37.5% in Q1 2026.
Does China still mine Bitcoin?
Yes. Despite the 2021 ban, estimates place China third with about 12.2% of hashrate.
Which country is second for Bitcoin mining?
Russia, at about 17.2%.
Why is Paraguay a big Bitcoin mining country?
Surplus hydro power from the Itaipu dam gives it some of the cheapest renewable electricity in the Americas.
How is hashrate by country measured?
It is estimated, from mining pool data, ASIC trade flows and firmware signals, since miners do not report their location.
Which is the cheapest country to mine Bitcoin?
Among OneMiners' published rates, Nigeria is lowest at 4.80 cents. See the cheapest country for Bitcoin mining.
Can I mine in these countries without moving there?
Yes. Hosting lets you own machines in another country. OneMiners hosts in 7 of the top 12.
START WITH ONEMINERS
Put your machines where the world's hashrate already goes: cheap, reliable power.
Calculate your numbersChoose a Bitcoin minerActivate hostingSOURCES AND DATA
- Hashrate Index hashrate heatmap, 27 August 2026 (reported by Bitcoin.com News, 28 August 2026)
- Hashrate Index, Top 10 Bitcoin Mining Countries of 2026 (Q4 2025 data, published 31 December 2025)
- Bitcoin network difficulty, block height and supply: mempool.space and blockchain.info, read 24 September 2026
- Bitcoin price: CoinGecko spot, 24 September 2026
- Transaction fees: mempool.space reward statistics, last 144 blocks
- Bitcoin miner prices and specifications: live OneMiners catalogue, 24 September 2026
- Hosting electricity rates: published OneMiners location pages
Michal Beno
CEO of OneMiners, the global Bitcoin mining hosting and hardware platform with 15 published hosting locations, 7-year fixed electricity contracts and a 7-year hardware warranty. He writes about the economics of industrial Bitcoin mining.
Informational only, not financial advice. Every figure in this article is a snapshot taken on 24 September 2026 from the live Bitcoin network and the live OneMiners catalogue and published hosting rates. Mining revenue moves with Bitcoin's price, network difficulty and transaction fees, and can fall as well as rise. No fixed return is offered or implied. Do your own research before buying hardware or hosting.
