08 Jun
08Jun

In May, Stronghold Digital Mining experienced a significant decrease in its monthly Bitcoin mining output, with a decline of 47.1% compared to April. During May, the company mined 82 BTC, contrasting with the 155 BTC mined in April. Similarly, revenues for May dropped by 46% to $5.2 million compared to the previous month.

Stronghold directly attributed this decline to the effects of the halving, stating that it was the main factor influencing the decrease in mining output during the first full month post-halving.

The company also noted a decrease in the average hash price from $0.095 per TH/s in April to $0.052 per TH/s in May. This change was attributed to the halving, reduced block rewards, a slight decline (0.8%) in Bitcoin's price, and a notable decrease in transaction fees from 25.3% in April to 7.4% in May.

Despite these challenges, Stronghold observed a 1.2% increase in the network hash rate, which helped offset some of the negative impacts on its operations.

Overall production decline

The mining company Cipher Mining also revealed that its May output was only 166 BTC, down 43.9% from April's 296 BTC.

Although the company noted that the halving of Bitcoin had an impact, it stressed that it continued to maintain positive cash flows and had increased its inventory and operational sites.

Although it produced 616 BTC in May, down 27.5% from 850 BTC in April, Marathon Digital fared a little better. According to the corporation, it made up for the decrease by winning 170 mining blocks in May as opposed to just 129 in April.

According to Marathon, it sold 390 BTC in May and had 17,857 BTC at the end of May. It stated that the installed hash rate was 30.6 EH/s and the energized hash rate was 29.3 EH/s.

Bitfarms, SCleanspark, and Riot Platforms all reported comparable drops in their BTC output.

On April 20, 2024, Bitcoin experienced a halving, which decreased block rewards from 6.250 to 3.125. The incident has affected mining difficulty as well.

June 2024, Cryptoniteuae

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