According to Odaily, data from Farside Investors indicates that major Bitcoin mining companies have released their production data for May 2024. May marks the first full month since the halving event, and the production has reportedly decreased by approximately 40% compared to the previous month.
The halving event, a significant occurrence in the Bitcoin mining industry, effectively reduces the reward for mining new blocks by 50%. This event, which takes place approximately every four years, has a substantial impact on the production rates of Bitcoin mining companies.
The reported 40% decrease in production aligns with the expected outcomes of the halving event. However, it is important to note that these figures are preliminary and may be subject to change as more data becomes available. The impact of the halving event on the overall Bitcoin market remains to be seen, as it depends on a variety of factors including market demand, mining technology advancements, and regulatory developments.