Bitcoin halving cuts production, sinks revenues for top miners

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.

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