cryptoslate.com
Stronghold Digital Mining reported a 47.1% decline in its monthly Bitcoin mining output in May.
The firm mined 82 $BTC during the first full month following the halving, compared to 155 $BTC in April.
Meanwhile, revenues for the month came in at $5.2 million, a 46% drop from the previous month.
Stronghold explicitly attributed the drop to the halving. The firm said:
“The primary 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. It attributed the change to the halving and reduced block rewards, a 0.8% decline in Bitcoin’s price, and transaction fees falling 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 across the board
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 Bitcoin’s halving but emphasized that it maintained positive cash flows and expanded its inventory and operation sites.
Marathon Digital fared a little better, reporting that it produced 616 $BTC in May, down 27.5% from 850 $BTC in April. The company said it mitigated the reduction by increasing the number of mining blocks it 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 over May. It reported an energized hash rate of 29.3 EH/s and an installed hash rate of 30.6 EH/s.
SCleanspark, Riot Platforms, and Bitfarms also reported similar declines in their $BTC output fell
The Bitcoin halving occurred on April 20, 2024, reducing block rewards from 6.250 to 3.125. The event has also impacted miner difficulty.