Analysis of Dominance and Dynamics of Bitcoin Mining in 2023

blockchain.news:

In the realm of Bitcoin mining, the year 2023 was memorable for the enormous concentration of power that occurred among the leading mining pools. The mining of more than 54,000 Bitcoin blocks was a significant event that occurred in this year. It became clear that Foundry, Antpool, F2pool, Viabtc, and Binance Pool were the most successful pools in this sector. Particularly noteworthy is the fact that these five pools are responsible for the discovery of 45,707 block rewards, which accounts for more than 84% of all blocks mined during the year. Bitcoin mining is characterized by a highly concentrated mining power, which highlights the competitive environment of the industry. Among them, Foundry USA emerged victorious by effectively mining 16,492 blocks, so establishing its preeminent position within the sector.

Not only was the consolidation of power a part of the mining environment, but it also meant navigating through a great deal of difficulty. There were 27 alterations to the difficulty level during the year, the majority of which were increases. All of these modifications are very important because they ensure that the network continues to be stable and secure by ensuring that the pace of block discovery is balanced. The miners were successful in achieving their goal of boosting the network's hashrate to an unparalleled height despite the hurdles they faced. This accomplishment is a reflection of the durability and resilience of the Bitcoin network, as well as the technical breakthroughs and increasing expenditures in mining infrastructure that have occurred.

In 2023, there were 147 blocks that were produced that were empty, which accounted for around 0.27% of the total blocks mined. This was another fascinating