Bitcoin mining posted a notably stronger month in March, with both miner revenue and network hashrate moving higher. Over the last 30 days, the network produced 4,498 blocks and issued 28,112 new bitcoins. During that period, miners generated a total of $734.78 million in revenue, marking one of the strongest monthly performances since before June 2022.
Miner revenue continued to recover
The March figures show a clear improvement in mining economics compared with prior months. Of the total revenue, approximately $712.12 million came from newly minted bitcoin, while around $22.66 million was derived from transaction fees. That total exceeded February’s $627 million, January’s $601 million, and December’s $477 million, highlighting a multi-month recovery trend for the sector.
The data suggests that mining conditions improved meaningfully through the first quarter, with stronger revenue giving operators better support after a more difficult stretch in 2022. While the report does not assign a single cause, the combination of block production, fee income, and elevated network participation translated into a healthier month for miners overall.
Foundry USA and Antpool led the field
Mining pool distribution remained concentrated among the largest operators. In March, Foundry USA and Antpool together accounted for 52.87% of global hashrate, reinforcing the dominant role of top-tier pools in Bitcoin’s mining ecosystem.
Foundry USA, the largest pool by network hashrate, discovered 1,468 blocks in March, producing roughly 9,175 new BTC. Its share of network hashrate stood at about 32.64%, and at press time the pool controlled around 105 EH/s of computational power. Antpool mined 910 blocks during the month, resulting in approximately 5,687.50 BTC.
Behind the top two pools were other major operators including F2Pool, Binance Pool, ViaBTC, BTC.com, Luxor, and Braiins Pool. The rankings illustrate an industry structure where a handful of large pools continue to capture a major portion of global mining capacity, even as the broader network becomes more powerful.
Hashrate reached new highs
One of the most notable developments in the March data was the continued rise in Bitcoin’s total network hashrate. Over the most recent 2,016 blocks—roughly the last two weeks—the network averaged about 341 exahash per second (EH/s). But peak readings moved substantially higher than that average.
During the last week of March, Bitcoin’s hashrate entered the 400 EH/s range, and on March 25, 2023, it reached a new all-time high of 414.34 EH/s. That record reflects the growing amount of computational power securing the network and points to intense competition among miners seeking block rewards.
A rising hashrate is generally associated with stronger network security, but it also means miners must compete against more aggregate processing power. In practical terms, the higher the total hashrate, the harder it can become for individual participants to maintain profitability unless they operate efficiently.
Difficulty adjustment expected to move higher
Because hashrate remained elevated and block intervals fell below Bitcoin’s ten-minute average, the next mining difficulty adjustment was expected on April 6, 2023. Estimates in the report suggested an increase of roughly 1.20% to 1.38% from the current difficulty level of 46.84 trillion.
That prospective increase fits with the recent pace of block production. When miners add more computational power and blocks are found faster than intended, Bitcoin’s built-in difficulty mechanism adjusts upward to bring the network back toward its target issuance schedule. For miners, that means stronger network fundamentals often come with tougher operating conditions in the following adjustment cycle.
A sharp increase from three years ago
The longer-term comparison is equally striking. Three years ago, Bitcoin’s network hashrate had just surpassed the 100 EH/s level. Today, according to the March data, the network stands about 240% above that period. The growth highlights how dramatically mining infrastructure has expanded over time.
The revenue comparison also shows how much conditions have changed. In April 2020, Bitcoin miners generated total revenue of about $412.42 million, with transaction fees contributing only $6.07 million. Against that backdrop, March’s $734.78 million total and $22.66 million in fee income underscore the scale of the sector’s development and the larger economic footprint of mining activity today.
What the March data signals
Overall, March was a strong month for Bitcoin mining by the metrics presented in the report. Revenue rose month over month, transaction fees made a meaningful contribution, and network hashrate pushed to a record high. At the same time, the concentration of hashrate among major pools remained evident, with Foundry USA and Antpool controlling more than half of global capacity.
The figures also point to a familiar dynamic in Bitcoin mining: better revenue conditions tend to attract more competition, and more competition tends to lift difficulty. That balance is central to the mining business. Even as the latest numbers suggest improving economics, operators still face pressure from rising network difficulty and the need to sustain efficient operations.
For the broader market, the March statistics reinforce two themes. First, the Bitcoin network continues to attract substantial mining investment and computational power. Second, miner revenue has improved materially from the lows seen in late 2022. Whether that momentum can continue will depend on how revenue, fees, and difficulty evolve in the coming months, but March clearly marked a period of renewed strength for the industry.