Bitcoin Hashrate Brief: Network Pulls Back as Mining Margins Squeeze Operators

Bitcoin's global hashrate slid to 1,004 EH/s in Q2 2026, down 5.8% quarter over quarter, as weak mining profitability pushed less efficient rigs offline. The U.S., Russia and China remain the three largest contributors, accounting for about 65% of the total, though distribution is gradually drifting toward regions with lower costs and higher efficiency. Market watchers are now looking to see which jurisdictions emerge as leaders in the next mining cycle.