Bitcoin Miners See Output Halved in May as Halving Impact Begins to Bite

Stronghold Digital Mining reported a 47.1% decline in its monthly Bitcoin mining output in May. The firm mined 82 BTC during the first full month following the halving

Stronghold Digital Mining (NASDAQ:SDIG) reported a 47.1% decline in its monthly Bitcoin mining output in May, which the firm explicitly attributed to the halving.

The company mined 82 BTC during the first full month following the halving, compared to 155 BTC in April.

Meanwhile, revenues for the month came in at $5.2 million, a 46% drop from the previous month.

Stronghold attributed the drop to the halving, which saw miner rewards slashed by 50%. The firm said:

“The primary driver of the decline was due to the first full month of post-halving operations.”

The company also reported an average hash price of $0.052 per TH/s in May, down from 0.095 in April. It attributed the change to the halving and reduced block rewards, a 0.8% decline in Bitcoin’s price, and transaction fees falling to 7.4% in May from 25.3% in April.

However, it observed a network hash rate of 1.2%, which partially offset the trend.

The Bitcoin halving occurred on April 20, 2024, reducing block rewards from 6.250 to 3.125. The event has also impacted miner difficulty.

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Mike Dalton

Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.

Assad Jafri

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.