US BITCOIN MINING SHARE DROPS TO 36.7% AS RUSSIA AND CHINA GRAB GROUND — GLOBAL HASHRATE FELL EVERYWHERE, AMERICA JUST FELL FASTEST

Numbers first: US share of Bitcoin's hashrate fell from 37.5% to 36.7% since January. Russia's grew to 17.2%. China's grew to 12.2%. Read that as America losing a mining war and you'd be wrong - every single country on that list lost absolute computing power this year. Global hashrate dropped from over 1,000 exahash to 892. The US just lost more of it, faster, than anyone else. That's a capital allocation story, not a patriotism story. Miners go where power is cheap and rules are stable, and right now that math is pulling rigs somewhere other than American soil even as hashprice - what a machine earns per unit of work - jumped 27% in a month. A rising hashprice with falling US share means the operators who stayed are getting paid better for holding ground, and the ones who left made a bet that cheaper power elsewhere beats a stronger legal system at home. Bitcoin's security doesn't care which flag is on the building. It cares whether the machines keep running. Somewhere between Texas and Siberia, the ledger doesn't have an opinion. The balance sheet does.