An annual review of the Bitcoin mining industry reflects how large-scale miners had to tackle all-time high hash rates and difficulty adjustments.
2023 proved to be a testing year for the Bitcoin mining ecosystem, with record-high hash rates and mining difficulty putting pressure on miners to sell BTC to cover operational costs.
An annual review of the Bitcoin mining sector published by Compass Mining highlights the significant growth in global hash rate through 2023. The network’s hash rate started the year at 266 EH/s and would more than double to 542 EH/s to close out 2023, marking a 103% annual increase.
Related: Bitcoin halving 2024 — Miners predict potential outcomes of reduced BTC rewards
