Bitcoin miners are pushing the network to unprecedented levels of computational power, even as dwindling revenues and an approaching halving test the industry resolve. On June 11, 2023, Bitcoin’s total hashrate reached a staggering 516.61 exahash per second (EH/s) at block height 793,868 — a new all-time high that underscores the relentless expansion of mining infrastructure worldwide.
TL;DR
- Bitcoin hashrate hit 516.61 EH/s on June 11, 2023 — a new all-time high
- Mining difficulty reached 52.35 trillion on June 14, another record
- 37 mining pools contributed hashrate, with Foundry USA commanding 32.47%
- Hashprice fell to $62.50/PH/day, squeezing miner margins
- Revenue per EH/s dropped to 2.6 BTC/day, down from 5.1 BTC in January 2022
Hashrate Explosion Signals Growing Network Strength
The surge to 516.61 EH/s represents a remarkable milestone for the Bitcoin network. For context, the average hashrate over the preceding 2,016 blocks sat at approximately 359 EH/s, meaning the peak was nearly 44% higher than the period average. This kind of variance reflects the dynamic nature of mining operations coming online and offline in response to market conditions.
A total of 37 mining pools were dedicating hashpower to the Bitcoin blockchain during this period, demonstrating both the decentralization and the competitive intensity of the mining ecosystem. Sixteen of those pools generated at least one exahash or more of global hashpower.
Difficulty Follows Suit With All-Time High
Three days after the hashrate peak, on June 14, 2023, Bitcoin’s mining difficulty also reached a new all-time high of 52.35 trillion at block height 794,304 — a 2.18% increase from the previous epoch. This was the third consecutive positive difficulty adjustment, reflecting the sustained influx of computing power.
However, the network later corrected with a 3.26% decrease on June 28 at block height 796,320, bringing difficulty down to 50.65 trillion. This pullback coincided with a record heatwave in Texas that forced many mining operations to curtail their activities, temporarily reducing the network’s total computational output.
Pool Distribution: Foundry USA Extends Dominance
Foundry USA continued to cement its position as the world’s largest Bitcoin mining pool, discovering 1,404 blocks in June and accounting for 32.47% of the global hashrate. Antpool held second place with 923 blocks and a 21.35% share. The next tier included F2pool (593 blocks), Binance Pool (382 blocks), and Viabtc (373 blocks), which together contributed 31.17% of the network’s computing power.
Revenue Squeeze Tests Miner Resilience
While the technical milestones are impressive, the financial picture for miners tells a different story. Hashprice — the revenue miners earn per petahash per day — plunged to $62.50/PH/day, a local low not seen since March 2023. By comparison, miners had briefly enjoyed hashprice above $120/PH/day just one month earlier in May.
The structural decline is even more stark when measured in BTC terms. According to data from TheMinerMag, the amount of Bitcoin produced per day by a single EH/s of operating hashrate has fallen steadily from 5.1 BTC in January 2022 to just 2.6 BTC in June 2023. May had offered a modest reprieve at 3 BTC/EH/day, and April recorded 2.7 BTC, but the overall trajectory points to intensifying competition for diminishing block rewards.
Halving Looms on the Horizon
The pressure on miner revenues is set to escalate further with the next Bitcoin halving, projected to occur around April 21, 2024. At that point, the block reward will be cut from 6.25 BTC to 3.125 BTC — a 50% reduction in mining revenue overnight. With approximately 43,000 blocks remaining until the halving and roughly 270,275 BTC left to be mined at the current rate, miners have a narrowing window to accumulate and optimize their operations.
Why This Matters
The simultaneous hashrate surge and revenue decline creates a paradox: the Bitcoin network has never been more secure, yet individual miners have never been more squeezed. This dynamic typically precedes a wave of consolidation in the mining industry, where only the most efficient operations with access to cheap energy can survive. The upcoming halving will amplify this trend, potentially forcing smaller miners offline and accelerating the shift toward industrial-scale mining operations. For investors and network participants, the rising hashrate signals long-term confidence in Bitcoin despite short-term price weakness around the $25,900 level, while the revenue compression suggests that the mining sector is entering a critical phase of survival of the fittest.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
516 EH/s and hashprice still in the gutter at $62/PH. more machines, same pie. love to see it
Foundry at 32% is getting uncomfortable. single pool controlling a third of hashrate is exactly the kind of centralization Bitcoin was designed to avoid
Foundry at 32% bothered me too but AntPool + ViaBTC are close behind. the real worry is when two pools collude, not one dominating
Jelena M. foundry and antpool were around 55% combined. two pools coordinating could theoretically reorg. nobody talks about it because the incentives dont align yet
hashprice at 62 per PH with foundry and antpool at 55 percent
Anja P. foundry at 32% and nobody in DC cares because the lobbying is on point. try getting a senator to understand what pool concentration means
revenue per EH dropping from 5.1 to 2.6 BTC and miners still plugging in new S19s. the halving is gonna be brutal for anyone not on free electricity
hashprice at 62/PH while plugging in more machines is the miners dilemma. everyone knows its irrational but nobody wants to lose market share
the 44% spike above the 2016-block average is wild. probably some big farm in Texas or Paraguay coming online all at once
new farm coming online makes sense. i heard Paraguay doubled its capacity that quarter thanks to Itaipu surplus
itaipu surplus makes sense. paraguay has been the quiet mining powerhouse for years. cheap hydro attracts big farms
516 EH/s at 62/PH revenue. do the math on S19j Pro power draw vs that income. only works below 5 cents per kWh
rig_nurse_ did the math on S19j Pro at 5 cents per kWh. barely break even at $62/PH. anyone above 7 cents was bleeding hard
hashprice at 62 per PH with S19j Pro pulling 3.1kW. you need sub 5 cent power or youre just burning electricity for nothing
Soren B. 62 per PH with an S19j Pro pulling 3.1kW. at that hashprice you need 4 cent power or youre literally paying to mine. the arms race to next gen ASICs is the only survival path
Foundry at 32pct and AntPool right behind. two pools controlling over 50pct of hashrate is the real story nobody wants to talk about
foundry sitting at 32 percent of total hashrate is wild
Lena Cruz foundry at 32 percent is just north american miners consolidating. that level of concentration in one geographic region is a regulatory target
516 EH/s and hashprice at 62/PH. the only miners surviving were the ones who locked in cheap power contracts years ago
bram d. foundry at 32pct though. north america basically owns half the network hashrate now. thats a geopolitical risk nobody wants to discuss
516 EH/s record feels sustainable with current difficulty
hashprice at $62/PH while hashrate hits 516 EH. the math is simple: more competition, thinner margins. only the most efficient survive the halving
516 EH/s and hashprice at 62. anyone doing the math on S21 efficiency vs S19j Pro knows the old gen miners were getting liquidated at these levels
44 percent spike above the rolling average is almost certainly a new farm flipping on. paraguay hydro sites were expanding hard around this period
Hannelore D. the paraguay angle is real. blockware was shipping S19XP containers to encarnacion Q2 2023. that lines up perfectly with the hashrate jump