FameEX Hot Topics | Bitcoin Mining Breaks Records in June 2023: Hashrate and Difficulty Skyrocket, but Revenue Trails Behind

In the month of June 2023, the Bitcoin mining industry achieved remarkable milestones, demonstrating its continued growth and resilience. Over a span of 30 days, bitcoin miners successfully uncovered a total of 4,324 block rewards, a testament to their dedication and the collective effort of approximately 37 mining pools that contributed their hashrate to the blockchain. Notably, June witnessed two significant breakthroughs for the Bitcoin network: the hashrate reached an all-time high on June 11, followed by the mining difficulty reaching a new peak on June 14.

Throughout this period, the average hashrate recorded across 2,016 blocks stood at an impressive 359 exahash per second (EH/s). As of July 1, 2023, the current hashrate remains robust at approximately 335.71 EH/s, with 37 mining pools actively contributing their hashpower to secure the Bitcoin chain.

Foundry USA emerged as the leading mining pool on Saturday, maintaining its position from the previous month. Foundry played a pivotal role in the discovery of 1,404 block rewards in June, representing a significant 32.47% share of the global hashrate. Antpool secured the second position by uncovering 923 blocks, capturing a respectable 21.35% of the total hashrate.

Following closely behind were F2pool (593 blocks), Binance Pool (382 blocks), and Viabtc (373 blocks), collectively accounting for 31.17% of the global hashrate. Impressively, a total of 16 mining pools contributed at least 1 exahash or more of global hashpower on July 1, demonstrating the distributed nature of Bitcoin mining.

June brought about two notable difficulty adjustments to the Bitcoin blockchain. On June 14, at block height 794,304, there was a 2.18% increase in mining difficulty. Subsequently, on June 28, at block height 796,320, a 3.26% decrease took place. The June 14 increase propelled the difficulty to an all-time high of 52.35 trillion, while the subsequent decrease two weeks later brought it down to the current level of 50.65 trillion. Concurrently, Bitcoin's total hashrate achieved an all-time high of 516.61 EH/s on June 11, 2023, at block height 793,868, showcasing the robust security of the network.
Looking ahead, the next difficulty adjustment is scheduled to occur around July 13, 2023. Moreover, the highly anticipated block reward halving is expected to take place in approximately 43,000 blocks. The halving event will reduce the block reward from the current 6.25 BTC to 3.125 BTC, and it is projected to happen on or around April 21, 2024.

At present, based on calculations at block height 796,756, miners are estimated to discover approximately 270,275 BTC before the upcoming halving. As the halving event draws nearer, it is worth noting that the amount of BTC produced per day by a single EH/s of operating hashrate has steadily declined since January 2022. In January of that year, miners earned a daily average of 5.1 BTC, but the current statistics indicate a reduction to 2.6 BTC. Throughout June, the figure remained steady at 2.6 BTC, while May recorded 3 BTC, surpassing April's daily rate of 2.7 BTC for one EH/s, as reported by theminermag.com. This trend highlights the ongoing challenges and increasing competition in the Bitcoin mining ecosystem.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.