Bitcoin’s global mining power declined by 5.8% in the second quarter of 2026, a drop attributed to geopolitical tensions and a significant cryptocurrency price fall. The United States, Russia, and China collectively control approximately 65% of the network’s hashrate. Mining profitability is under pressure, with data indicating many miners are currently “extremely underpaid,” signaling squeezed earnings across the sector.
The entire economy faces the whirlwind of increasing geopolitical tensions amid the West Asia crisis, and Bitcoin’s mining sector is no exception. According to a report, the global hashrate fell to 1,004 EH/s in Q2 2026 from a high of 1,066 EH/s in Q1.
This 5.8% quarter-over-quarter decline indicates an ongoing down cycle and suggests miners are shutting down or using less power.
Zooming out, this isn’t just a factor of global tensions but also Bitcoin’s choppy price action. The leading cryptocurrency is down 50% from its October all-time high, which has pushed hash prices to their all-time lows.
The country-wide distribution of market share further draws a clearer picture of how changing geopolitical dynamics are impacting global hashrate.
The United States holds 37.4% of the global hashrate with 375 EH/s. Russia accounts for 16.9% with 170 EH/s, and China covers 12.1% with 120 EH/s.
China saw a 1.35% decline because of its December 2025 Xinjiang enforcement actions, which resulted in roughly 400,000 mining rigs being shut down.
Iran ranked second on the list, facing a 0.6% QoQ decline due to the ongoing geopolitical turmoil in the region. The U.S. was third with a slight decline of 0.13% QoQ despite an over 3% year-over-year increase.
In the meantime, the Bitcoin miner difficulty chart moving sideways indicated a slight recovery or stabilized mining activity compared to a drop seen in March. This reinforces the idea of higher network security and bullish confidence in Bitcoin’s long-term value.
Additionally, the Bitcoin Miner profit or loss chart suggests the majority of miners are fairly paid and are earning average profits. However, as Q2 started, the ‘extremely underpaid’ lines grew significantly, meaning that profits are squeezed at the moment.
