Changes in the US and Russian mining shares have shifted the balance between the two largest mining locations. ## US Mining Share Declines ## The estimated US Bitcoin mining footprint has decreased, from 345 EH/s to 335 EH/s, with a corresponding decline in its share from 36.7% to 35.6%. This change is not necessarily indicative of a shift in ownership or decision-making power, as the relationship between location, ownership, and pool control is complex. ## Russia Gains Ground ## Russia's estimated hashrate has increased, from 162 EH/s to 170 EH/s, with a corresponding rise in its share from 17.2% to 18.1%. China's estimated hashrate has also declined, from 115 EH/s to 110 EH/s. ## Global Network Remains Stable ## The global network hashrate estimate has remained almost flat, with a total of approximately 940 EH/s. The changes in mining activity do not necessarily indicate a shift in ownership or decision-making power, as the relationship between location, ownership, and pool control is complex. ## Methodology Limitations ## The Hashrate Index's methodology uses a weighted combination of pool data, ASIC trading flows, and firmware adoption trends. However, this methodology has limitations, as it may not accurately represent the actual location of mining equipment. Cambridge's separate mining-map methodology warns that a pool sample may be unrepresentative and that VPNs or proxies can distort inferred location. ## Ownership and Pool Control ## The relationship between location, ownership, and pool control is complex, and treating location estimates as interchangeable with decision-making power would be incorrect. Pool control asks who coordinates mining work and selects the transactions proposed for blocks, while beneficial ownership asks who ultimately owns the equipment. These two concepts are distinct and should not be conflated. ## Related Reading ## Solana beats Bitcoin on one key metric, but a single software bug could still take down the network