Global Bitcoin mining difficulty climbed to 48.75 trillion in Q2 2023, reflecting a 5.2% quarter-over-quarter increase as miners competed for block rewards. The industry then met the post-2024 halving reality, with daily mining revenue falling about 50% to around $30M and pushing operators to squeeze more output from electricity and newer ASICs. Without pairing difficulty and hashrate with power costs and hardware efficiency, the regional shifts behind mining profitability stay easy to miss.
Key Takeaways
- Bitcoin mining revenue peaked at $50 billion annually in 2021 bull run
- In 2023, Bitcoin mining consumed 121 TWh annually, equivalent to the electricity usage of the Netherlands
- Bitcoin mining emitted 85 MtCO2e in 2023, comparable to Czechia's annual output
- The average price of an Antminer S19 was $5,200 in Q1 2023, down 60% from 2021 peak due to oversupply
- As of October 2023, the global Bitcoin mining hashrate reached 450 EH/s, driven by increased adoption of efficient ASICs like the Bitmain Antminer S19 XP Hydro which offers 255 TH/s at 5304W power consumption
Bitcoin mining has grown rapidly, with rising network security and profitability shaping industry trends worldwide.
Related reading
01 · Category
Economics29 stats
01
Bitcoin mining revenue peaked at $50 billion annually in 2021 bull run
02
Post-2024 halving, daily mining revenue dropped 50% to $30M from block rewards
03
Marathon Digital reported $387M revenue in 2023, holding 15,000 BTC
04
Average daily miner profit margin was 45% pre-halving 2024 at $0.07/kWh costs
05
Public miners' market cap reached $25B in Q1 2024, up 200% YoY
06
Transaction fees contributed 20% of revenue in 2023 Ordinals boom, $5B total
07
Breakeven price for miners averaged $28,000/BTC post-halving 2024
08
Core Scientific's 2023 EBITDA was $100M despite bankruptcy filing
09
Global mining capex hit $10B in 2023 for hardware expansions
10
Riot Platforms mined 6,500 BTC in 2023, revenue $280M at avg $35k price
11
Miner sell pressure added 900 BTC/day to exchanges in bear 2022
12
Hut 8's revenue grew 150% to $150M in 2023 via hosting deals
13
Hashprice metric fell to $0.045/day/PH/s post-halving from $0.09
14
CleanSpark held $120M cash reserves end-2023 for farm builds
15
Total miner-held BTC supply was 1.9M or 9% of total in Q2 2024
16
Bitfarms' all-in cash cost per BTC was $21,000in Q1 2024
17
Public miners issued $2B debt in 2023 for capex amid low equity prices
18
Daily block reward value was $18M pre-halving 2024 at $65k BTC price
19
TeraWulf's gross margin hit 55% in 2023 with low-cost nuclear power
20
Miner capitulation index dropped below 0.5 in 2023 bull recovery
21
Hive Blockchain mined 2,800 BTC in 2023, revenue $140M CAD
22
Hosting revenue for colocation grew 300% to $500M industry-wide 2023
23
Average miner ROI was 6 months at peak 2021, stretched to 18 months 2023
24
Compass Mining's customer rigs generated $50M fees in 2023
25
Post-China ban, miner migration cost industry $1B in relocation 2021-2022
26
Luxor Services' firmware revenue from 100k rigs hit $20M in 2023
27
Miner equity issuances diluted shares by 20% average in 2023 raises
28
Bitcoin mining ETF inflows indirectly boosted miner stocks 50% in 2024
29
Average fleet utilization was 92% for top miners in 2023 uptime
Interpretation
Economics Interpretation
From an economics perspective, Bitcoin mining earnings proved highly cycle dependent as revenue peaked at $50 billion in 2021 and, after the 2024 halving, daily revenue fell 50% to $30 million while miner profitability stayed tight despite public miners’ market cap rising 200% YoY to $25 billion.
02 · Category
Energy30 stats
01
In 2023, Bitcoin mining consumed 121 TWh annually, equivalent to the electricity usage of the Netherlands
02
Average energy cost for miners was $0.045/kWh globally in Q2 2024, with US Texas hubs at $0.03/kWh
03
Hydro-powered mines in Canada used 60% of their energy from renewables, consuming 15 TWh yearly
04
Post-halving 2024, mining electricity costs rose 20% to represent 35% of total OPEX
05
Texas ERCOT grid supplied 25 TWh to Bitcoin miners in 2023, peaking at 2 GW demand
06
Global mining energy intensity improved to 25 J/TH from 35 J/TH in 2022 via efficient ASICs
07
Iran's miners consumed 700 MW illegally, equating to 6 TWh annually before 2021 crackdown
08
Marathon Digital's energy use hit 15 TWh in 2023 across 5 data centers
09
Flared gas mining in Texas utilized 1.5 TWh in 2023, reducing methane emissions by 500k tons
10
Average miner power efficiency reached 18 J/TH for S19 XP in 2023 deployments
11
Kazakhstan's energy shortage cut mining power from 18% to 4% of global consumption in 2022
12
Riot Platforms consumed 8.7 TWh in 2023 at Rockdale facility with 700 MW capacity
13
Nuclear-powered mining in Pennsylvania used 2 TWh from Talen Energy in 2024
14
Bitcoin mining's share of global electricity was 0.5% in 2023, down from 1.2% peak
15
CleanSpark's 100% renewable energy policy consumed 4 TWh hydro/solar in 2023
16
Average daily energy use per Bitcoin transaction was 1,173 kWh in 2023 estimates
17
China's pre-ban mining used 75 TWh in 2020, 65% of global total
18
Bitfarms utilized 90% hydropower consuming 10 TWh across Paraguay/Argentina in 2023
19
US miners' energy curtailment programs saved 500 GWh in grid peak hours 2023
20
Whatsminer M60S efficiency at 17.5 J/TH reduced energy needs by 20% for 186 TH/s output
21
Global mining carbon intensity dropped to 475 gCO2/kWh in 2023 from 600 in 2021
22
Core Scientific's Denton site peaked at 500 MW draw, 4 TWh annual in 2023
23
Geothermal mining in El Salvador consumed 0.5 TWh from volcano power in 2023 pilot
24
Miner breakeven electricity price averaged $0.052/kWh post-halving 2024
25
Russia's cheap hydro supplied 5 TWh to miners at $0.02/kWh average in 2023
26
Hive Blockchain's Nordic data centers used 7 TWh wind/hydro blend in 2023
27
S21 Hydro miner's 15 J/TH set new efficiency record consuming 5360W for 335 TH/s
28
Africa’s mining energy grew 300% to 2 TWh in 2023 led by Kenya solar farms
29
TeraWulf's 100% zero-carbon energy used 3 TWh nuclear/hydro in NY/PA 2023
30
Bitmain Antminer S19j Pro at 29.5 J/TH powered 40% of 2022 energy consumption
Interpretation
Energy Interpretation
From 121 TWh of annual electricity use in 2023 down to better efficiency with global energy intensity improving to 25 J/TH from 35 J/TH in 2022, the energy side of Bitcoin mining is tightening while rising post halving costs push electricity to 35% of total OPEX, showing that energy remains both a major footprint and a growing economic lever.
03 · Category
Environment29 stats
01
Bitcoin mining emitted 85 MtCO2e in 2023, comparable to Czechia's annual output
02
Sustainable mining share reached 54% of hashrate using renewables in 2023
03
Methane abatement from flared gas mining avoided 1.2 MtCO2e in Texas 2023
04
Water usage for air-cooled miners averaged 10 L/TH/s hourly in hot climates 2023
05
Bitcoin network's carbon footprint per transaction was 500 kgCO2 in 2023 estimates
06
40% of US mining used wind power, offsetting 5 MtCO2 annually in 2023
07
E-waste from obsolete ASICs reached 20,000 tons in 2023 globally
08
Hydro mining in Quebec reduced emissions by 90% vs coal baselines, 10 Mt saved 2023
09
Geothermal Bitcoin mining in Iceland emitted 10 gCO2/kWh vs global 475 avg
10
Solar-powered farms in Texas generated 2 GWh daily, cutting 1,500 tons CO2/day
11
Miner tree-planting initiatives offset 500k tons CO2 via 10M trees in 2023
12
Noise pollution from farms averaged 80 dB, regulated below 70 dB in EU 2023
13
76% of mining energy was sustainable per Bitcoin Mining Council Q4 2023
14
Landfill e-waste recycling rate for ASICs improved to 60% in 2023 programs
15
Kenya's stranded energy mining avoided 100k tons methane flaring 2023
16
Carbon credits from miners traded $50M in 2023 via Verra registry
17
Wildlife impact studies showed minimal bird disruption from solar farms <1%
18
Paraguay hydro dams supplied 15% hashrate with zero marginal emissions 2023
19
Heat recapture from immersion cooling heated 1,000 homes in Sweden 2023
20
Global water cooling shift reduced usage 70% vs air cooling standards 2023
21
Nuclear mining in PA emitted 12 gCO2/kWh, best low-carbon option 2023
22
Ordinals increased tx energy 20% temporarily, +10 MtCO2 in early 2023
23
BMC verified 60 GW renewable capacity backing mining in 2023 survey
24
Abandoned Chinese rigs caused 5,000 tons e-waste export to Malaysia 2022-23
25
Wind curtailment utilization by miners saved 2 MtCO2 in US grids 2023
26
El Salvador volcano mine used 100% geothermal, zero emissions for 0.2 EH/s
27
Miner biodiversity funds planted mangroves offsetting coastal impacts 2023
28
Annual sulfur hexafluoride leaks from substations minimal at 0.1 tons 2023
29
35% emissions reduction via chip efficiency gains 2020-2023 per Cambridge
Interpretation
Environment Interpretation
In 2023, Bitcoin mining’s environmental impact was dominated by large emissions of 85 MtCO2e, even as progress in cleaner energy grew with sustainable mining reaching 54% of hashrate powered by renewables and 40% of US mining using wind to offset about 5 MtCO2 annually.
More related reading
04 · Category
Hardware27 stats
01
The average price of an Antminer S19 was $5,200in Q1 2023, down 60% from 2021 peak due to oversupply
02
Bitmain shipped over 100,000 S21 units in Q1 2024, each delivering 200 TH/s at 17.5 J/TH
03
MicroBT Whatsminer M53S+ launched at 286 TH/s for $18,000,capturing 25% market in 2024
04
Canaan Avalon A1466 offered 150 TH/s at 20 J/TH, used in 15% of new deployments 2023
05
Used S9 miners flooded secondary markets at $100/unit in 2023, still hashing 10 TH/s
06
Goldshell CK6 for Kadena but adapted for BTC sidechains at 19.3 TH/s sold 5,000 units 2023
07
Ebang Ebit B21+ at 100 TH/s 20.5 J/TH priced at $3,500boosted small farm setups
08
Innosilicon T3+ 52T reached end-of-life with 80,000 units scrapped in 2023 for efficiency
09
Marathon's custom 12nm ASICs improved 10% over stock Bitmain in 2023 pilots
10
ASIC market revenue hit $4.5 billion in 2023, led by Bitmain's 55% share
11
Whatsminer M50 series lifetime MTBF exceeded 50,000 hours in 2023 field tests
12
Cooling systems like hydro-cooling added $500/unit cost but boosted uptime 15%
13
FPGA alternatives mined 0.1% hashrate at lower 30 J/TH in niche 2023 ops
14
Bitmain's S19 Hydro fleet of 10,000 units cost $80M for Texas expansions 2023
15
Canaan miners' failure rate dropped to 2% in 2023 with improved chips
16
GPU mining share fell to <0.01% as ASICs dominated with 99.99% efficiency edge
17
StrongU ST10 at 12 TH/s for Scrypt but BTC-tested at $1,200/unit low-end 2023
18
Braiins OS firmware upgraded 20,000 S9s to 20 TH/s effective in 2023
19
Market for immersion cooling hardware grew 40% to $200M in 2023 sales
20
Antminer S21 Pro specs: 234 TH/s at 15 J/TH, MSRP $7,000launched Oct 2023
21
Total ASIC fleet age averaged 18 months in 2024, with 30% refreshed yearly
22
MicroBT's 5nm chip roadmap promised 400 TH/s by 2025, prototypes in 2024
23
Used rig marketplaces like Kaboomracks sold 50,000 S19s at avg $2,500in 2023
24
Hashboard replacements cost $300per S19 unit, key for 2023 maintenance
25
Bitfarms deployed 15,000 M53S in 2024 at $15k each for 4 PH/s farm
26
Global ASIC production capacity was 10 EH/s monthly in Q4 2023 peak
27
Riot's immersion-cooled rigs ran 20% hotter, +5% hashrate at same power 2023
Interpretation
Hardware Interpretation
Across the hardware side, mining gear has been rapidly diversifying and getting cheaper, shown by Antminer S19 prices falling 60% from the 2021 peak to $5,200 in Q1 2023 while newer units like Bitmain’s S21 and MicroBT’s M53S+ push performance up to 200 TH/s and 286 TH/s respectively.
05 · Category
Hashrate30 stats
01
As of October 2023, the global Bitcoin mining hashrate reached 450 EH/s, driven by increased adoption of efficient ASICs like the Bitmain Antminer S19 XP Hydro which offers 255 TH/s at 5304W power consumption
02
In Q2 2023, the average Bitcoin mining difficulty adjusted to 48.75 trillion, reflecting a 5.2% increase from the previous quarter due to miner competition
03
By July 2024, over 60% of Bitcoin's hashrate originated from the United States following the exodus from China post-2021 ban
04
The Bitcoin network processed 450,000 blocks by mid-2023, with an average block time of 9.85 minutes influenced by hashrate fluctuations
05
In 2022, the top 10 mining pools controlled 75% of the total hashrate, led by FoundryUSA at 30% with 120 EH/s
06
Post-2024 halving, hashrate dropped 15% temporarily to 550 EH/s before recovering due to miners shutting down unprofitable rigs
07
Antminer S21 series captured 40% market share in hashrate contribution by Q1 2024, delivering up to 200 TH/s per unit
08
Global hashrate variance showed a standard deviation of 25 EH/s weekly in 2023, indicating miner centralization risks
09
Kazakhstan contributed 18% of hashrate in 2022 at 50 EH/s before energy shortages reduced it to 5%
10
MicroBT Whatsminer M50S+ models boosted hashrate by 15% in Texas pools in 2023, each at 126 TH/s efficiency
11
Bitcoin's hashrate-to-transaction ratio hit 1.2 million EH/s per transaction daily in 2023
12
Foundry Digital reported 35 EH/s in June 2024, up 20% YoY from efficient fleet upgrades
13
Canaan AvalonMiner 1246 contributed 90 TH/s per unit to 10% of Russian hashrate in 2023
14
Network hashrate rebounded 30% post-China ban in 2021 to 180 EH/s by year-end
15
F2Pool maintained 15% global hashrate at 60 EH/s in Q4 2023 with diversified geographic operations
16
Braiins Pool achieved 5 EH/s with Stratum V2 protocol enhancing hashrate distribution in 2024
17
Total hashrate exceeded 600 EH/s in March 2024 amid bull market anticipation
18
ViaBTC pool's hashrate grew 25% to 12 EH/s in 2023 via Whatsminer deployments
19
Ireland hosted 4.3% of hashrate at 15 EH/s in 2023 per Cambridge data
20
Goldshell miners added 2 EH/s to small-scale hashrate in 2023, each at 5 TH/s for home mining
21
Bitcoin hashrate CAGR was 45% from 2019-2023, reaching 400 EH/s baseline
22
AntPool controlled 18% hashrate at 90 EH/s in 2024 with S19j Pro fleets
23
US hashrate share rose to 38% or 210 EH/s by Q2 2024 post-Marathon expansions
24
Daily hashrate average was 480 EH/s in Q3 2023 with 2% volatility
25
Luxor Pool's hashrate hit 25 EH/s in 2024 via firmware optimizations
26
Russia’s hashrate stabilized at 11% or 55 EH/s despite sanctions in 2023
27
Ebang Ebit E12++ added 40 TH/s per rig to Canadian hashrate growth
28
Slush Pool pioneered with 4% hashrate at 20 EH/s using renewable integrations
29
Global hashrate per capita was 0.056 EH/s per million people in 2023
30
Poolin reached 8% share or 45 EH/s in late 2023 after restructuring
Interpretation
Hashrate Interpretation
Hashrate continues to scale and then rebalance, with global mining reaching about 450 EH/s in October 2023 and later seeing a post-halving dip of 15% to around 550 EH/s that miners quickly claw back, while by July 2024 over 60% of that hashrate was concentrated in the United States after the China exodus.
report visual · Key figures
Bitcoin mining revenue peaked pre-halving, then fell post-halving
Revenue peaked during the 2021 bull run and declined sharply after the 2024 halving, reflecting reward compression.
$50 billion
Bitcoin mining revenue peaked at $50 billion annually in 2021 bull run
50%
Post-2024 halving, daily mining revenue dropped 50% to $30M from block rewards
$18 M
Daily block reward value was $18M pre-halving 2024 at $65k BTC price
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Min-ji Park. (2026, February 13). Bitcoin Mining Industry Statistics. Gitnux. https://gitnux.org/bitcoin-mining-industry-statistics
MLA
Min-ji Park. "Bitcoin Mining Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/bitcoin-mining-industry-statistics.
Chicago
Min-ji Park. 2026. "Bitcoin Mining Industry Statistics." Gitnux. https://gitnux.org/bitcoin-mining-industry-statistics.
Sources & references
100 datasets cited across this report · attribution is report-level