Hashrate Index 2023 Bitcoin Mining Year in Review - Report

"2024 will be a make-or-break year for many miners. Those who spent 2023 preparing by upgrading their fleets with more efficient hardware, cutting excess costs, and optimizing their operations in every way will be the best prepared to weather the year."

Hashrate Index 2023 Bitcoin Mining Year in Review - Report
  • "The free version of the report is available for download below. The premium version is available to Hashrate Index Premium subscribers. If you find the report useful, please share and feel free to give us your feedback!"


  • Bitcoin's Hashrate Doubles. "Bitcoin’s 7-day average hashrate swelled from 255 EH/s to 516 EH/s over 2023, a 102% increase that dwarfs 2021 and 2022’s relatively modest increases of 18% and 41%."
    • "2023’s average for Bitcoin’s 7-day average hashrate was 382 EH/s, a 73% increase from 2022’s average of 220 EH/s. Bitcoin’s hashrate hit all-time highs of 545 EH/s on the 7-day average and 510 EH/s on the 30-day average in 2023, as well."
  • Hashprice Volatility Hits Multi-Year High. "USD hashprice exceeded market expectations in 2023, rising an impressive 71% over the course of the year from $59.42/PH/day to $101.78/day.
    • "Compare this to 2022, where hashprice declined 76% from $246.85/PH/day to $59.42/PH/day. Still, 2023’s average hashprice was $74.73/PH/day versus $123.87/PH/day in 2022, a 40% decrease."
  • Inscriptions and Ordinals Juice Transaction Fees. "2023 was the penultimate year for transaction fee rewards in Bitcoin’s history; miners earned $797,867,915 in transaction fees in 2023, a haul that is second only to 2021’s record of $1,019,725,113. Fees constituted 7.6% of block rewards in 2023, compared to 1.5% in 2022."
  • ASIC Market Finds a Bottom. "ASIC miner prices entered 2023 in a downtrend. That downtrend finally found a bottom in Q4-2023."
    • "Taking a close look at new and used ASIC models, we can see that premiums for new ASIC models rose as 2023 wore on. The chart below shows the percentage difference in $/TH  between new and used ASIC from 1-200 MOQ orders from Luxor’s ASIC Trading Desk market data."
  • Power Prices Fall – But Only Slightly. "In the US, electricity and fuel prices experienced record inflation in 2022. 2023 delivered some relief to this inflationary onslaught– but only slightly, and only to industrial power consumers."
  • Great expansion for most public miners. "Of the 12 miners we track, 7 of them more than doubled their hashrate over the year. Marathon saw the most growth, expanding its hashrate from 7 EH/s to 24.7 EH/s."
  • Significant Regulatory and Legislative Action. "2023 was perhaps one of the most active years for policy proposals and formal government action directed toward the Bitcoin mining industry."
  • Mining Pool Leaderboard. "Below, we show the top 10 Bitcoin mining pools by year by blocks mined from 2017-2023."

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