Bitcoin
Bitcoin halving reduces production and reduces revenues for main miners
Fortaleza Digital Mining reported a 47.1% decline in its monthly revenue Bitcoin mining production in May.
The company extracted 82 BTC during the first full month after the halving, compared to 155 BTC in April.
Meanwhile, revenue for the month was $5.2 million, a 46% drop from the previous month.
Stronghold explicitly attributed the drop to the halving. The company said:
“The main driver of the decline was due to the first full month of post-halving operations.”
The company also reported an average hash price of $0.052 per TH/s in May, down from 0.095 in April. He attributed the change to the halving and reduction in block rewards, the 0.8% decline in Bitcoin’s price, and the drop in transaction fees to 7.4% in May from 25.3% in April.
It observed a network hash rate of 1.2%, partially offsetting the trend.
Decline in production at all levels
Similarly, Cipher Mining reported that it mined 166 BTC in May versus 296 BTC in April, representing a 43.9% month-over-month drop.
The company acknowledged the impact of the Bitcoin halving, but emphasized that it maintained positive cash flows and expanded its inventories and operating locations.
Digital Marathon fared a little better, reporting that produced 616 BTC in May, down 27.5% from 850 BTC in April. The company said it mitigated the drawdown by increasing the number of mining blocks won in May to 170 – up from 129 blocks in April.
Marathon said it held 17,857 BTC at the end of May and sold 390 BTC in May. It reported a powered hash rate of 29.3 EH/s and an installed hash rate of 30.6 EH/s.
sCleanspark, Riot PlatformsIt is Bit Farms also reported similar declines in its BTC production fell
O Bitcoin halved occurred on April 20, 2024, reducing block rewards from 6,250 to 3,125. The event also impacted miner’s difficulty.