5 Mining Pools Dominate Bitcoin Block Discoveries in 2023, Accounting for Over 84% of Blocks Mined
In the year 2023, the Bitcoin mining industry experienced a record-breaking year with over 54,000 blocks mined. These blocks, each containing 6.25 freshly minted bitcoins, combined with the associated fees, contributed to a prosperous year for bitcoin miners. Among the top mining pools leading this year’s efforts were Foundry USA, Antpool, F2pool, Viabtc, and Binance Pool. Together, these five mining pools accounted for a staggering 84% of all BTC blocks discovered in 2023.
Notable contributions also came from Luxor, which mined 1,311 blocks (2.43% of the total), btc.com with 978 blocks (1.81%), and Braiins Pool with 894 blocks (1.66%). However, there were also 147 empty blocks mined during the year, representing around 0.27% of the total. Antpool, F2pool, and Viabtc were the main sources of these empty blocks, with 65, 20, and 21 empty blocks respectively.
The year 2023 also witnessed a significant increase in Bitcoin miners’ capabilities, as the network’s hashrate reached a record-breaking 545 EH/s on December 24, 2023. This represents a substantial growth compared to January 2016 when the hashrate first reached one quintillion hashes per second (H/s). The year concluded with a total hashpower of 529 quintillion H/s, highlighting the exponential development of Bitcoin’s total hashrate.
To further bolster the hashrate, companies such as Bitmain, Canaan, Microbt, and Auradine introduced advanced generation miners in 2023. These state-of-the-art devices could deliver over 375 terahash per second (TH/s) while maintaining high energy efficiency with ratings below 20 joules per terahash (J/T). Mining pool Foundry, for example, witnessed a hashrate increase from 71.84 EH/s to 147 EH/s, while Antpool’s hashrate grew from 49.95 EH/s to 139 EH/s, and F2pool’s hashrate expanded from 31.99 EH/s to 62.27 EH/s during the same period.
As 2023 drew to a close, it became evident that the year had been pivotal for the bitcoin mining industry, marked by substantial growth and technological advancements. However, with the upcoming halving event scheduled for April 2024, which will cut block rewards from 6.25 to 3.125 BTC, the industry is preparing for significant changes. Observing how these dominant mining pools navigate the shifting landscape following the reduction in subsidies will be intriguing. Share your thoughts and opinions on the mining pool landscape in 2023 in the comments section below.