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Throughout 2023, the Bitcoin mining industry underwent a rigorous examination as it grappled with unprecedented hash rates and difficulty adjustments. The annual review of this sector, as highlighted by Compass Mining, sheds light on the challenges faced by large-scale miners.

 

 

 

 

The global hash rate witnessed remarkable growth in 2023, commencing the year at 266 exahashes per second (EH/s) and concluding at an impressive 542 EH/s. This surge represented a staggering 103% annual increase, placing substantial pressure on miners to sell Bitcoin (BTC) in order to cover operational expenses.

 

 

 

 

Simultaneously, the surge in hash rate was accompanied by a proportional increase in mining difficulty. Embedded within the Bitcoin mining protocol to uphold an average block creation time of 10 minutes, the average difficulty escalated from 35 T at the beginning of the year to 72 T on December 31. This dual challenge tested the limits of the Bitcoin mining ecosystem throughout the course of 2023.

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