Bitcoin’s network hashrate climbed to 830.22 EH/s in June 2026 against a mining difficulty of 124.93 trillion, pushing the protocol roughly 35% above its Q1 2025 baseline on the same 3.125 BTC block subsidy. The compression is the defining story of mining: more compute chasing fewer coins per block, and the operators with sub-3-cent power are the only ones reliably profitable. Public-miner SEC filings and Cambridge energy data tell the same story from opposite ends: capital deployment up, margin headroom down.
Key Takeaways
- Bitcoin’s network hashrate reached 830 EH/s in June 2026, after surpassing 800 EH/s in Q1 2026.
- The block subsidy sits at 3.125 BTC since the April 20, 2024 halving at block 840,000, translating to roughly 450 new BTC issued per day across 144 blocks.
- The United States, Russia, and China together control about 65% of global Bitcoin hashrate, with the US at 37.4% and Russia at 16.9%.
- Bitcoin mining draws an estimated 170 to 180 TWh annually, roughly 0.7 to 0.8% of global electricity production, with 52.4% coming from sustainable sources.
- Foundry USA and AntPool together account for more than 50% of network hashrate, with Foundry at 24.27% and AntPool at 21.35%.
- Public-miner Q1 2026 revenue diverged sharply: MARA Holdings reported $174.6 million, an 18% drop from Q1 2025, while HIVE Digital posted record fiscal Q1 revenue of $45.6 million, with its digital-currency mining segment up 44.9% sequentially to $40.8 million.
- Bitcoin’s hash price has compressed to roughly $0.06 per TH per day, down from $0.12 in early 2024.
Editor’s Choice
- Network hashrate of 830.22 EH/s sets a new all-time high heading into the next difficulty adjustment.
- The 2024 halving cut per-block rewards from 6.25 BTC to 3.125 BTC, a structural shift miners are still absorbing.
- Sector-wide miner revenue was projected to reach $17.2 billion in 2025, up from $14.7 billion in 2024.
- The United States consumes about 132.6 GWh per day for Bitcoin mining, roughly 1.1% of total US daily electricity demand.
- Riot Platforms reported Q1 2026 deployed hashrate of 42.5 EH/s, up 26% year over year, at an all-in power cost of 3.0 cents per kWh.
- Russia’s share of the global Bitcoin hashrate shot up to roughly 16%, a significant jump from the 4.66% reported by the Cambridge Center for Alternative Finance following the November 1, 2024 mining legalization law.
Recent Developments
- April 30, 2026: MARA Holdings disclosed Q1 2026 revenue of $174.6 million against a net loss of $1.3 billion in its SEC 8-K.
- April 30, 2026: Riot Platforms reported Q1 2026 production of 1,473 BTC and a deployed hashrate of 42.5 EH/s, down 4% in BTC mined year over year.
- March 31, 2026: CleanSpark reported 658 BTC produced for the month and a peak operational hashrate of 50.0 EH/s.
- February 28, 2026: HIVE Digital Technologies posted record fiscal Q1 revenue of $45.6 million, with 406 BTC mined at an average hashrate of 8.9 EH/s.
- December 31, 2025: Russian authorities disclosed that only roughly 30% of miners had registered under the country’s new mining law as of year-end.
- November 1, 2024: Russia’s mining legalization law took effect with a 6,000 kWh per month registration threshold and a 15% tax on mined assets.
Bitcoin Network Hashrate and Difficulty
Bitcoin’s hashrate is the single most-tracked metric in proof-of-work mining, and the 830.22 EH/s reading captured in June 2026 sits well above the 800 EH/s threshold the network crossed in Q1 2026. The next protocol difficulty adjustment, currently estimated at 128.36 trillion (from the prevailing 124.93 trillion), will tighten the share that any individual exahash earns per block.
The arithmetic is unforgiving: When hashrate grows faster than block rewards, each unit of compute earns a smaller slice of a fixed-size pie. Cambridge’s Bitcoin Electricity Consumption Index (CBECI) treats hashrate plus hardware efficiency as the primary input for its global power model.
- Network hashrate reached 830.22 EH/s in June 2026, a new all-time high.
- Current mining difficulty stands at 124.93 trillion, with the next adjustment estimated at 128.36 trillion (June 27, 2026).
- Block subsidy is 3.125 BTC since April 20, 2024, with approximately 450 BTC issued daily across 144 blocks.
- Year-over-year hashrate growth of approximately 35% from Q1 2025 to Q1 2026.
| Metric | Value | Source date |
|---|---|---|
| Network hashrate | 830.22 EH/s | June 2026 |
| Current difficulty | 124.93 trillion | June 2026 |
| Estimated next difficulty | 128.36 trillion | June 27, 2026 est. |
| Block subsidy | 3.125 BTC | Since April 20, 2024 |
| Daily new issuance | ~450 BTC | 144 blocks/day |
| YoY hashrate growth | ~35% | Q1 2025 to Q1 2026 |
Source: Hashrate Index, CoinWarz, Bitcoin protocol
Bitcoin Mining by Country
The geography of mining has consolidated since China’s 2021 ban, and the latest Hashrate Index data shows the United States holds 37.4% of global Bitcoin hashrate, Russia 16.9%, and China still 12.0%.
Outside the top three, Paraguay leverages surplus hydroelectric power from the Itaipú Dam, the UAE draws capital-backed mining capacity, and Ethiopia is one of the fastest-growing markets monetizing underutilized hydro capacity. This three-country supermajority changes the protocol’s geopolitical exposure: a sanction event, an electricity crisis, or a regulatory pivot in any of the three can move global hashrate by 10 percentage points within a quarter.
- United States holds 37.4% of global Bitcoin hashrate, the largest share by country.
- Russia accounts for 16.9% of global hashrate following its November 2024 mining legalization law.
- China retains 12.0% despite a formal mining prohibition in place since 2021.
- Paraguay (5.2%), Canada (4.1%), and UAE (3.8%) round out the top six mining nations.
By the numbers: Per Hashrate Index, the US, Russia, and China together command roughly 65% of global hashrate in Q2 2026, a level of geographic concentration the protocol has not seen since before the 2021 Chinese exodus reshuffled the map.
Bitcoin Mining Pools
Mining-pool concentration is the lever that most directly affects censorship resistance. Foundry USA, a Digital Currency Group subsidiary that operates institutional-only with KYC-gated onboarding, holds 24.27% of network hashrate, and AntPool holds 21.35%. Together, Foundry and AntPool collectively hold over 50% of the market’s hashrate.
Two pools controlling more than half of network hashrate is functionally a duopoly for transaction ordering; readers who care about Bitcoin’s censorship-resistance properties should track this number closely.
- Foundry USA holds 24.27% of network hashrate as the largest mining pool.
- AntPool holds 21.35%; together with Foundry, it accounts for over 50% of the network.
- ViaBTC (12.8%), F2Pool (9.6%), and Binance Pool (8.2%) are the next largest pools.
- MARA Pool holds 5.1%, with the remaining 18.67% distributed across smaller pools.
Bitcoin Mining Energy Consumption
The Cambridge Centre for Alternative Finance publishes the most-cited estimate of Bitcoin’s electricity use. As of February 2026, CBECI puts annualized consumption at 170 to 180 TWh, around 0.7 to 0.8% of global electricity production.
Cambridge’s July 2025 sustainability update shifted the energy-mix picture: 52.4% of Bitcoin mining now uses sustainable sources, broken down as 42.6% renewables plus 9.8% nuclear, leaving natural gas at 38.2% and coal at 8.9%.
- Cambridge CBECI estimates Bitcoin mining consumes 170 to 180 TWh annually, roughly 0.7 to 0.8% of global electricity.
- Renewables (hydro, wind, solar) account for 42.6% of the mining energy mix per the July 2025 Cambridge update.
- Natural gas supplies 38.2%, with nuclear at 9.8% and coal at 8.9%.
- Sustainable sources together (renewables plus nuclear) power 52.4% of Bitcoin mining.
Key finding: Per Cambridge’s July 2025 update, sustainable sources (renewables plus nuclear) now power 52.4% of Bitcoin mining, a structural change from the pre-2021 mix, when coal-heavy Chinese provinces still dominated the network and renewable-share estimates rarely cleared 40%.
The mining sector’s growing reliance on tokenized assets for power-purchase agreements has helped to reshape that mix, and the steady displacement of coal in favor of stranded gas and grid-balancing renewables continues to lift the sustainable share.
US Bitcoin Mining Footprint
The U.S. Energy Information Administration tracks US-domestic mining through both top-down and bottom-up models. EIA’s 2024 analysis estimated domestic Bitcoin mining electricity use at 25 to 91 TWh in 2023, representing between 0.6% and approximately 2.3% of total US electricity demand, assuming the US share of global activity remained at approximately 38%.
The bottom-up survey identified 101 mining facilities with a maximum estimated power demand of 10.275 GW, or approximately 2.3% of total US average annual power demand in 2023. More recent updates put daily consumption at 132.6 GWh, or about 1.1% of total US daily electricity demand as of March 2026, equivalent to 48 to 49 TWh annualized.
- EIA bottom-up survey identified 101 mining facilities with peak power demand of 10.275 GW in 2023.
- US mining consumed an estimated 25 to 91 TWh in 2023, or 0.6% to 2.3% of total US electricity demand.
- March 2026 EIA data puts daily US mining consumption at 132.6 GWh, approximately 1.1% of US daily electricity demand.
- Annualized, the March 2026 figure equates to approximately 48 to 49 TWh per year.
| Metric | 2023 (EIA bottom-up) | March 2026 update |
|---|---|---|
| Annual consumption | 25-91 TWh | ~48-49 TWh |
| Share of US electricity | 0.6-2.3% | ~1.1% |
| Facilities tracked | 101 | n/a |
| Peak power demand | 10.275 GW | n/a |
Source: U.S. Energy Information Administration Today in Energy briefs
State policy is part of the story. Texas has positioned itself as the global capital of industrial Bitcoin mining through its deregulated ERCOT grid and direct mining-to-generator power agreements, with Kentucky and Wyoming also offering pro-mining tax treatment and incentives; New York moved the opposite direction with its 2022 moratorium on new proof-of-work mining permits at fossil-fueled power plants. For broader regulated-finance context, mining sits inside an evolving compliance perimeter that varies state by state.
Public Bitcoin Mining Companies
Q1 2026 earnings showed sharp bifurcation across the four largest North American operators. Hive Digital finished the quartet with the strongest growth profile, while higher-cost peers absorbed the squeeze.
- MARA Holdings reported Q1 2026 revenue of $174.6 million, down 18% from $213.9 million in Q1 2025, with a net loss of $1.3 billion ($3.31 per diluted share).
- MARA’s energized hashrate reached 72.2 EH/s at quarter-end, up 33% from 54.3 EH/s a year earlier, and the company produced 2,247 BTC at an average price of $76,288 while selling 20,880 BTC at $70,137.
- Riot’s deployed hashrate hit 42.5 EH/s at end of Q1 2026, up 26% year over year, with average operating hashrate of 36.4 EH/s (up 23%).
- Riot produced 1,473 BTC in Q1 2026, down 4% from 1,530 BTC in Q1 2025, against full-year 2025 production of 5,686 BTC.
- Riot’s fleet efficiency improved to 20.2 joules per terahash from 21.0 J/TH, with an all-in power cost of 3.0 cents per kWh.
- Riot sold 3,778 BTC in Q1 2026, raising $289.5 million for data center expansion.
- CleanSpark reported a February 2026 peak operational hashrate of 50.0 EH/s, an average of 43.2 EH/s, and 568 BTC mined that month, followed by 658 BTC in March 2026.
- CleanSpark’s year-to-date Q1 2026 production reached 1,141 BTC through February and 1,799 BTC through March, with 13,363 BTC in treasury and a deployed fleet of 235,588 miners.
- HIVE Digital posted fiscal Q1 2026 revenue of $45.6 million (Adjusted EBITDA $44.6 million), with digital-currency mining contributing $40.8 million, up 44.9% sequentially; and 406 BTC mined at an average 8.9 EH/s (up 45% quarter over quarter).
- HIVE’s BUZZ HPC business added a record $4.8 million in AI-compute revenue, growing 59.8% sequentially.