Bitcoin halving cuts production, sinks revenues for top miners

Stronghold Digital Mining reported a 47.1% decline in its month-to-month Bitcoin mining output in Might.

The agency mined 82 BTC throughout the first full month following the halving, in comparison with 155 BTC in April.

In the meantime, revenues for the month got here in at $5.2 million, a 46% drop from the earlier month.

Stronghold explicitly attributed the drop to the halving. The agency mentioned:

“The primary driver of the decline was due to the first full month of post-halving operations.”

The corporate additionally reported a mean hash value of $0.052 per TH/s in Might, down from 0.095 in April. It attributed the change to the halving and diminished block rewards, a 0.8% decline in Bitcoin’s value, and transaction charges falling to 7.4% in Might from 25.3% in April.

It noticed a community hash price of 1.2%, partially offsetting the pattern.

Decline in manufacturing throughout the board

Equally, Cipher Mining reported that it mined 166 BTC in Might versus 296 BTC in April, representing a 43.9% month-over-month drop.

The corporate acknowledged the impression of Bitcoin’s halving however emphasised that it maintained optimistic money flows and expanded its stock and operation websites.

Marathon Digital fared a bit higher, reporting that it produced 616 BTC in Might, down 27.5% from 850 BTC in April. The corporate mentioned it mitigated the discount by growing the variety of mining blocks it received in Might to 170 — up from 129 blocks in April.

Marathon mentioned it held 17,857 BTC on the finish of Might and bought 390 BTC over Might. It reported an energized hash price of 29.3 EH/s and an put in hash price of 30.6 EH/s.

SCleanspark, Riot Platforms, and Bitfarms additionally reported comparable declines of their BTC output fell

The Bitcoin halving occurred on April 20, 2024, decreasing block rewards from 6.250 to three.125. The occasion has additionally impacted miner issue.

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