🚀Buckle up, BTC enthusiasts! Hut 8, one of the largest crypto mining companies in the US, reported a 36% drop in BTC mined in April compared to March. But don't panic! 😱 This was mainly due to the relocation of over 25,000 mining machines. They produced 148 BTC in April, down from 231 BTC in March, as the hash rate fell from 5.4 EH/s to 4.5 EH/s.

🔧"Our team's operational capabilities allowed us to maximize the deployed hash rate as we completed the relocation," said Asher Genoot, CEO of Hut 8.

📉But Hut 8 wasn't alone. Other major Bitcoin mining firms also reported production declines between 6% and 12% in April. The halving event on April 20 reduced the block reward to 3.125 BTC, halving the mining output to around 450 BTC per day.

📊However, building apps on #Bitcoin has significantly changed miners’ income streams. Transaction fees now account for over 7% of their total revenue, up from 1% two years ago. This trend could potentially strengthen the network's fundamentals.

📉Riot Blockchain reported a 12% decline in BTC production in April, but expects its total self-mining hash rate capacity to double by the end of 2024.

💰The output reductions have coincided with a fall in profitability or 'hash price.' The current hash price is just $0.05 per terahash per second per day, down 72% from a spike around the time of the halving.

🤔As the latest meme asset craze loses popularity, it is expected that BTC production rates may continue to decline and miner selling may increase. But remember, in the world of BTC, every cloud has a silver lining! 🌈