OpenBSD's default console font Spleen has a 5x8 version which, which is fairly legible while still looking nice:
https://github.com/fcambus/spleen
Any smaller than that and you're getting into ugly territory.
https://github.com/fcambus/spleen
Any smaller than that and you're getting into ugly territory.
If you don't care about appearances and just whether or not every character is distinct enough to be understood, then I think 4x6 is probably the limit, but I'd be happy to be proven wrong.
BESM-6 used to show CPU registers content with lights ( http://www.mailcom.com/besm6/ ); with this font, each 48-bit register could show 3 letters.