Geographical shifts in network capacity distribution are also explained by negative trends in mining profitability, rather than "geopolitical conflicts." Changes among the leaders during the period were minimal: the USA confidently maintained the top position with a 37.4% share. The hash rate decreased by 0.13% ( to 375 EH/s ) due to the shutdown of unprofitable setups and diversification into AI; Russia strengthened its second place — 16.9% compared to 16.4% previously; China rounded out the top three, increasing its share from 11.7% to 12%. However, in physical terms, the country's hash rate decreased by 1.35% — from 125 EH/s to 120 EH/s. Experts linked this to the consequences of December government raids against miners in the Xinjiang Uygur Autonomous Region.