One of the largest American miners, Hut 8, reported a 36% drop in BTC mining volumes in April compared to March 2024.


The company mined just 148 BTC last month, down from 231 BTC in the first month of spring, as the hash rate dropped from 5.4 EH/s to 4.5 EH/s. However, Hut 8 said this was primarily due to the sale of more than 25,000 installations from sites in Nebraska and Texas to Marathon Digital Holdings.


Hut 8 wasn’t the only major Bitcoin mining company to report a reduction in mining volumes. According to industry publication The Miner Mag, other public miners such as Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf also reduced their output by 6-12% in April. Riot Blockchain, for example, recorded a 12% decrease in Bitcoin production in April. The organization mined 375 BTC last month, down from 425 BTC in March.


Let us recall that on April 20, the Bitcoin halving took place, which reduced the reward for block mining by half to 3.125 BTC. The volume of daily mining also decreased by half - from 900 BTC to 450 BTC.


However, immediately after the halving, amid the excitement around memecoins, the commission in the Bitcoin network rose to record levels. This allowed miners to ignore the negative consequences of the reduction in profits for some time.