The month of June marked remarkable achievements for Bitcoin miners as they discovered approximately 4,324 block rewards during this period. Notably, this vast success is shared amongst approximately 37 mining pools who have rendered a significant hashrate to the functioning of the blockchain. June saw the blockchain achieving two milestones, particularly on June 11, when the network reached an all-time high in hashrate, and subsequently, on June 14, when the mining difficulty hit a record peak.
An Overview of Bitcoin Mining Activities in June
Over the last 2,016 blocks, an average hashrate of nearly 359 exahash per second (EH/s) has been recorded by Bitcoin miners. As of Saturday, July 1, 2023, the current hashrate stands at roughly 335.71 EH/s with the efforts of 37 mining pools backing the Bitcoin chain.
Here’s how the 30-day Bitcoin mining pool distribution looks like:
Leading Mining Pools in June: A Closer Look
Foundry USA proudly held the top position among Bitcoin mining pools on Saturday, a rank it also successfully retained in the preceding month. Upon digging into the stats, it is shown that in June alone, mining pools discovered a total of 4,324 block rewards. Intriguingly, Foundry turned up a whopping 1,404 of them.
Foundry USA’s performances can be broken down as follows:
- Foundry USA accounted for 32.47% of the global hash rate in June.
- The pool discovered a total of 1,404 blocks.
Other Top Performing Mining Pools
A notable effort was made by Antpool, which clinched the second position in the same month. It discovered as many as 923 blocks in June, thus capturing a 21.35% share of the total hash rate.
Other significant contributors include:
- F2pool – Discovered 593 blocks
- Binance Pool – Registered 382 blocks
- Viabtc – Accounted for 373 blocks
These three mining pools, in total, accounted for about 31.17% of the universal hash rate. As of July 1, at least 16 mining pools generated nearly 1 exahash or more of global hash power.
Changes in Bitcoin Mining Difficulty
A look at Bitcoin difficulty over time:
June served as a crucial month in terms of changes in mining difficulty. The Bitcoin blockchain faced two difficulty resets. The first, a 2.18% increase, occurred on June 14 at block height 794,304. The second, a 3.26% decrease, took place on June 28 at block height 796,320.
The increase on June 14 shot the difficulty to an all-time high (ATH) of 52.35 trillion. However, the subsequent decrease two weeks later brought it down to the current 50.65 trillion.
Despite the milestones, regarding mining difficulty, Bitcoin’s total hash rate reached an ATH of 516.61 EH/s on June 11, 2023, specifically at block height 793,868.
At present, the next difficulty alteration and block reward halving are expected to occur on or about July 13, 2023 and April 21, 2024, respectively. The mining revenue of operations will also half due to a decline in block reward from 6.25 BTC to 3.125 BTC.
Projected Bitcoin Mining Results
As of the time of writing, approximately 270,275 BTC will be discovered by miners before the halving at block height 796,756. However, statistics from (theminermag.com) point towards a gradual decrease in the amount of BTC produced per day by a single EH/s of operating hash power since January 2022 amid the upcoming reduction.
Change in Mining Outcomes Over Time
Take a look at the amount of BTC one EH/s of operating hashrate should produce each day in a month:
Back in January of the previous year, miners were earning about 5.1 BTC per day. However, according to current data, this has decreased to 2.6 BTC. In June, the figure remained at 2.6 BTC; however, May outnumbered April with daily outcomes of 3 BTC compared to 2.7 BTC for one EH/s.