Miners Continue Reporting Declines In Bitcoin Production Following Halving
Bitcoin mining output in May fell 47.1%, with Stronghold Digital Mining reporting a 47.1% decline.
The company mined 82 BTC in the first full month following the halving, compared to 155 BTC in April. Revenues for the month fell 46% to $5.2 million, with Stronghold attributing the drop to the halving.
The average hash price decreased from 0.095 in April to $0.052 per TH/s, and transaction fees fell to 7.4%. In May, Cipher Mining mined 166 BTC, a 43.9% month-over-month drop.
Marathon Digital produced 616 BTC in May, down 27.5% from 850 BTC in April. However, it mitigated the reduction by increasing the number of mining blocks it won in May to 170.
Marathon held 17,857 BTC at the end of May and sold 390 BTC over May. SCleanspark, Riot Platforms, and Bitfarms also reported similar declines in their BTC output. The Bitcoin halving occurred on April 20, 2024, reducing block rewards from 6.250 to 3.125 and affecting miner difficulty.
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