FameEX Hot Topics | New Heights in Bitcoin Mining: Hashrate and Difficulty Surge in June 2023, but Revenue Falls Behind

In the month of June 2023, the Bitcoin mining industry witnessed remarkable achievements. Over the course of 30 days, bitcoin miners successfully discovered 4,324 block rewards. This impressive feat was made possible by the participation of approximately 37 mining pools that dedicated their hashrate to the blockchain. Notably, the Bitcoin network achieved two significant milestones during June: the hashrate reached an all-time high on June 11, and just three days later, on June 14, the mining difficulty also reached a new peak.

Throughout this period, the average hashrate recorded over 2,016 blocks stood at approximately 359 exahash per second (EH/s). As of July 1, 2023, the current hashrate sits at around 335.71 EH/s, with 37 mining pools actively contributing their hashpower to the Bitcoin chain. Leading the pack on Saturday is Foundry USA, which also held the top position in the previous month. Foundry played a significant role in the discovery of 1,404 block rewards in June, accounting for 32.47% of the global hashrate. Antpool secured the second position by discovering 923 blocks, claiming a 21.35% share of the total hashrate.

Close behind were F2pool (593 blocks), Binance Pool (382 blocks), and Viabtc (373 blocks), collectively accounting for 31.17% of the global hashrate. Overall, 16 mining pools generated at least 1 exahash or more of global hashpower on July 1. In terms of difficulty adjustments, the Bitcoin blockchain underwent two retargets in June. On June 14, at block height 794,304, there was a 2.18% increase, and on June 28, at block height 796,320, a 3.26% decrease occurred. 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. Additionally, Bitcoin's total hashrate achieved an all-time high of 516.61 EH/s on June 11, 2023, at block height 793,868.

Looking ahead, the next difficulty adjustment is scheduled to take place around July 13, 2023, while the next block reward halving is expected to occur in approximately 43,000 blocks. The block reward halving will reduce the reward from 6.25 BTC to 3.125 BTC and 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 around 270,275 BTC before the halving. As the halving event approaches, 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 5.1 BTC per day, but the current statistics indicate a decrease to 2.6 BTC. The figures for June and May remained constant at 2.6 BTC and 3 BTC, respectively, surpassing April's daily rate of 2.7 BTC for one EH/s, as reported by theminermag.com.

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