Some miners saw a drop in BTC production in May due to the Bitcoin halving event, but miners nonetheless stressed that their hash rates continue to rise.
Affected by the Bitcoin halving event in April, the BTC production of many Bitcoin miners declined in May.
The Bitcoin halving is an event that occurs approximately every four years and automatically reduces miner rewards, enhancing the scarcity of the flagship digital asset. This year’s halving event reduced mining rewards to 3.125 BTC, significantly lowering the total maximum daily BTC production to 450 BTC.
Mining companies' output has declined
CleanSpark: In a June 4 statement, CleanSpark reported a 42% drop in BTC production, from 721 BTC in April to 417 BTC in May. Despite the drop in production, the company claims that its production exceeded industry expectations. In May, the company sold approximately 2.43 BTC, with a total Bitcoin holding of 6,154 BTC at the end of the month. CleanSpark CEO Zach Bradford highlighted that during this period, the company achieved new highs of nearly 18 exahashes per second, while increasing efficiency to 23.05 joules per terahash.
Riot Platforms: Riot Platforms’ Bitcoin production fell 43% month-over-month in May to 215 BTC. However, the company received $7.3 million in energy credits due to power cuts and participation in a demand response program with the local grid operator.
Riot CEO Jason Les noted that the company is on track to achieve its 2024 hashrate growth targets and announced that the first 100 MW building at its Corsicana facility is now fully developed and miner deployment is nearing completion, adding a total of 3.1 EH/s to Riot’s self-mining capacity, bringing the total capacity to 14.7 EH/s.
Bitfarms: Bitfarms’ Bitcoin production has also shown a downward trend, generating 156 BTC in May, a 42% decrease from April’s 269 BTC. The decline in production reflects the impact of the first month of reduced block rewards, as well as a number of operational issues, including cuts in Argentina and significant downtime during miner upgrades. The miner sold 136 BTC for $8.9 million, adding that as of May 31, it held approximately 850 BTC, valuing it at approximately $57.2 million.
Market expert analysis
Market experts said the reports illustrate the broader impact of the Bitcoin halving on miners and how it is forcing them to adjust their strategies to maintain profitability in this fast-moving environment.
Despite the challenges of reduced production, miners have demonstrated the resilience and innovation of the mining industry by improving efficiency and adjusting operational strategies to adapt to new market conditions. #比特币减半 #矿工产量 $BTC
Conclusion:
The Bitcoin halving event is both a challenge and an opportunity for miners. The significant drop in output in May did not stop the miners from moving forward, but instead inspired them to innovate and adjust their efficiency and operational strategies. The specific performance of companies such as CleanSpark, Riot Platforms and Bitfarms proves the mining industry’s adaptability and resilience in the face of market fluctuations.
The Bitcoin halving event heralds the further consolidation of its value, and the miners’ proactive response strategies not only ensure their own market position, but also contribute to the healthy development of the cryptocurrency ecosystem.
Looking ahead, technological innovation and market maturity will bring new vitality to the mining industry. We look forward to it continuing to serve as a strong backing for the Bitcoin network and leading the entire system towards a more prosperous future.
