tl;dr
According to the latest Cambridge survey, the US is the world's largest Bitcoin mining hub, accounting for 75.4% of reported hashrate, with Canada, Paraguay, Norway, and Kazakhstan trailing. However, the survey may overrepresent US activity; other data shows the US at 36% of global hashrate. The US ...
The United States leads the world in Bitcoin mining, accounting for 75.4% of the reported hashrate, according to the Cambridge Digital Mining Industry Report. This significant dominance places the US far ahead of other countries like Canada (7.1%), Paraguay (3.4%), Norway (2.8%), and Kazakhstan (2.6%). However, the survey may somewhat overrepresent US activity, as other data sources suggest the US has around 36% of the global hashrate.
To fortify its mining industry, the US government is introducing initiatives aimed at granting Bitcoin miners energy autonomy. The United States Investment Accelerator, established by an executive order signed by President Trump, seeks to streamline regulations and facilitate investments exceeding $1 billion. This program enables miners to build their own power plants, often utilizing waste gas from gas fields to minimize costs and environmental impacts, thereby boosting efficiency and sustainability.
Companies like Cleanspark are expanding with new facilities, such as a pending approval in Tennessee, capitalizing on these favorable regulatory and energy conditions. Additionally, political figures have joined the fray; Donald Trump Jr. recently partnered with Hut 8 to create American Bitcoin Corp, focusing on large-scale mining operations and aiming to become a publicly-traded company.
Despite these growth trends, the industry faces challenges regarding tariffs on mining equipment imported from Southeast Asia, raising costs by up to 54% on rigs from countries like China. This increase may impact profitability and slow expansion temporarily, with Q1 and Q2 2025 expected to show dampened financial results. Nevertheless, analysts remain bullish on the future, predicting the global Bitcoin hashrate could surpass 1 zettahash per second (ZH/s) by mid-2025 and reach 2 ZH/s by 2027.
Bitcoin’s role is evolving as it gains recognition as a reserve asset and hedge against economic uncertainty within the US. Inflationary pressures and currency devaluation are pushing institutional and state-level interest in Bitcoin, cementing its position as a strategic component in diversified financial portfolios. As the industry advances, the interplay between energy innovation, regulatory support, and market dynamics continues shaping the future landscape of Bitcoin mining worldwide.