Bitcoin Mining in Venezuela Ranks Among the Fastest Growing Worldwide

• Venezuela increased its hashrate by 122% year-on-year, reaching about 10 EH/s.
• The activity in the country is conducted under a total ban currently in effect.

The Bitcoin network's hash rate remained stable at the end of the third quarter of 2026 at approximately 941 EH/s, after recording a quarter-on-quarter variation of 0.1% that halted two consecutive periods of contraction.

According to the global heat map for the fourth quarter published by Hashrate Index on October 5, 2026, the global stability of computing power evidenced an intense geographical redistribution driven by emerging markets.

In Latin America, Venezuela stood out by surpassing double digits with a capacity of approximately 10 EH/s, consolidating a 67% increase compared to the previous quarter when it recorded nearly 6 EH/s, and a year-on-year growth of 122% from the previous 4.5 EH/s.

The report specifies that this advance occurred under a total ban on mining in effect since mid-2024, as reported by CriptoNoticias. Hashrate Index states:

Our own analysis of geolocated traffic describes the remaining activity as legitimate or semi-legitimate, rather than state-run, and the Venezuelan coverage of the heat map has characterized it as mainly informal.

Hashrate Index, a Bitcoin mining data company.

With this volume, the Venezuelan market surpassed jurisdictions such as Laos, Finland, or Malaysia.
Winners and losers in quarterly hash rate, according to Hashrate Index. Source: Hashrate Index.

The Venezuelan behavior contrasted with that of other countries in the region. Paraguay remained the main regional benchmark by adding another EH/s to reach approximately 45 EH/s, ranking fourth globally thanks to its activity at the Itaipú hydroelectric plant and achieving a year-on-year increase of 12%.

Meanwhile, Bolivia rose to 4 EH/s, representing a year-on-year increase of 33%, while Argentina continued its decline to 3 EH/s due to macroeconomic instability.

Globally, the redistribution of the hashrate was also marked by the decline of the United States, which lost 10 EH/s to settle at approximately 335 EH/s --- a share of 35.6% --- due to the conversion of capacity towards artificial intelligence and high-performance computing.

Nevertheless, the U.S. maintains the largest market share, as seen in the image below:
10 dominant countries in Bitcoin mining currently. Source: Hashrate Index.

In contrast, Russia increased its capacity to 170 EH/s, reaching an 18.1% market share.

On the other hand, Ethiopia suffered a contraction of 35% in Bitcoin mining, falling from 23 to 15 EH/s after a power supply cut implemented by the state-owned Ethiopian Electric Power in mid-September, due to a drought caused by El Niño.

Pakistan more than tripled its capacity from 2.5 EH/s to approximately 8 EH/s, recording the largest absolute quarterly rebound of the period, while Indonesia rose to the global top eight with about 20 EH/s.

The stabilization of the global hash rate at ~941 EH/s anticipates that processing capacity will continue to be geographically relocated based on energy costs, local operational restrictions, and the evolution of hash prices.
Tags: Bitcoin (BTC) Latest Miners Regional Venezuela

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