In the first quarter of 2026, the hashrate of the leading cryptocurrency (30 SMA) fell from 1066 EH/s to 1004 EH/s. This 5.8% decline was attributed to the shutdown of outdated equipment, according to experts from Hashrate Index.

Global hashrate dropped to 1,004 EH/s in Q2 2026, down -5.8% QoQ.

The cause is profitability.

Bitcoin fell ~50% from its $124K peak → hashprice hit an all-time low of ~$27.89/PH/s/day → 252 EH/s of legacy hardware went offline.https://t.co/0Ln8YuZAXF pic.twitter.com/Lk6nbInkYg

— Hashrate Index 🟧⛏️ (@hashrateindex) April 6, 2026

Experts believe that geographic shifts in network power distribution are also explained by negative trends in mining profitability, rather than "geopolitical conflicts." 

Changes among the leaders during this period were minimal:

  • The U.S. maintained its lead with a 37.4% share. The hashrate decreased by 0.13% (to 375 EH/s) due to the shutdown of unprofitable installations and diversification into AI;
  • Russia strengthened its second position with a share of 16.9%, up from 16.4%;
  • China rounded out the top three, increasing its share from 11.7% to 12%. However, in absolute terms, the country’s hashrate fell by 1.35% — from 125 EH/s to 120 EH/s. Experts linked this to the aftermath of December raids by authorities against miners in the Xinjiang Uyghur Autonomous Region.

These three countries account for nearly 65% of the global Bitcoin network's power.

"While this indicates a continued concentration, the ongoing rise of Ethiopia into the top ten and the strengthening positions of countries in the Middle East and Southeast Asia suggest a gradual diversification," analysts emphasized.

They noted that year-on-year, several jurisdictions demonstrated "outstanding" growth in hashrate:

  • Kyrgyzstan — 300%;
  • Laos — 100%;
  • Finland — 100%;
  • Paraguay — 54%.

Hashrate Index explained the success of these countries by their deployment of modern equipment and competitive advantages in energy supply.

Iran, amid regional conflict, lost about 7 EH/s from 9 EH/s at the beginning of the year. However, the war did not affect the performance of neighboring UAE and Oman.

According to Hashrate Index specialists, current changes indicate the formation of a more diversified mining geography. Jurisdictions that remain attractive to miners consistently offer:

  • cheap and abundant electricity;
  • favorable regulations;
  • access to infrastructure and capital.

As a reminder, at the beginning of April, Bitcoin's difficulty increased by nearly 4% after a drop of about 8% during the previous recalculation.