The leadership of the United States stems from a combination of factors, including abundant energy resources in states like Texas, favorable regulatory frameworks in certain jurisdictions, and a robust infrastructure to support large-scale mining farms. Russia's mining strength is largely attributed to its vast remote regions with access to low-cost hydroelectric and natural gas energy.

Total network hash rate via the simple moving average (SMA) over seven days throughout the year.

Canada also benefits from hydroelectric power, particularly in provinces like Quebec and British Columbia, while China, despite regulatory crackdowns in recent years, still maintains a notable presence likely related to clandestine or small-scale operations in areas such as Sichuan or Xinjiang with cheap hydroelectric energy during the rainy seasons.