Bitcoin is often celebrated as a decentralized network, with mining power distributed globally to ensure security and neutrality. However, a closer look at mining activity suggests that this decentralization may not be as evenly distributed as it appears. While individual theories can participate in mining, the majority of the network’s hash power is concentrated among a relatively small number of large mining pools and geographic regions.
Why Bitcoin’s Mining Distribution Deserves A Closer Look
Bitcoin mining is not as globally decentralized as many assume. Analyst Lucky revealed on X that while the network is technically permissionless, a significant share of its hashpower is still concentrated in a few regions.
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Furthermore, estimates suggest that roughly 68% BTC mining power is distributed across three major countries: the United States, China, and Russia. This concentration is not coincidental but driven by fundamental factors such as infrastructure, energy access, and regulatory dynamics.
Currently, the US has emerged as a leader due to the rise of institutional-scale mining operations, strong access to capital markets, and relatively stable regulatory clarity in states like Texas. Despite the official bans, China continues to contribute to global hashpower through underground or relocated mining operations, often supported by inexpensive hydro and coal energy. Meanwhile, Russia benefits from abundant low-cost electricity and colder regions where cooling costs are minimal.
This dynamic highlights an important reality where BTC decentralization exists, but its mining ecosystem is shaped by real-world power, policy, and energy economics. Ultimately, following the distribution of hashpower offers a clearer picture of where BTC influence within the network truly resides.
How New Tariffs Could Pressure Bitcoin And Risk Assets
US President Donald Trump is back in focus with a new wave of tariff plans, proposing a 25% levy on the full value of goods that use imported steel and aluminum. An investor known as Sjuul AltCryptoGems on X has outlined that during earlier tariff announcements of Trump, Bitcoin and the broader crypto market dropped hard.
Meanwhile, this time, uncertainty is already elevated due to the war. Sjuul pointed out that if these policies escalate into a full-scale conflict, it could amplify volatility across financial markets.
During the period, the Bitcoin whales were actively placing resistance in the market, and making it clear that the price would not break above the $70,000 level as the US trading session advanced. According to Crypto Seth, as news surrounding tensions involving Iran emerged, BTC whales appeared to use the event as a catalyst to push the market lower, triggering a wave of liquidations.
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In total, 185,806 traders were liquidated, with losses reaching approximately $406,52 million. Crypto Seth noted that this wasn’t random volatility but a calculated move, where 100x Degen longs were caught offside. At the same time, data shows that short leverage is building above the $69,000 level, as indicated by heatmap activity.
Featured image from Getty Images, chart from Tradingview.com
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