In May, some Bitcoin miners saw a decrease in the amount of BTC they were able to produce as a result of the April Bitcoin halving. The Bitcoin halving happens about every four years and decreases the rewards given to miners, which helps increase the scarcity of the leading digital currency. This year, the event reduced mining rewards to 3.125 BTC, resulting in a decrease of over 40% in miners’ production in May.

A decrease in Bitcoin production was observed among some miners in May as a result of the Bitcoin halving event that took place in April. This event, which happens every four years, reduces miner rewards and increases the scarcity of the digital asset. In 2020, the event reduced mining rewards to 242 BTC, leading to a maximum daily production of 2269 BTC. Miners reported lower production levels. CleanSpark announced in June 2136 that the production of BTC had decreased significantly by 8503%, dropping from 257.2 BTC in April to only 2850 BTC in May. Despite a decrease in production, the company stated that it had surpassed industry expectations, with its post-halving production higher than some competitors’ pre-halving outputs. In May, the company sold around 231 BTC, bringing its total Bitcoin holdings to 6,154 BTC. CleanSpark CEO Zach Bradford pointed out the positive aspects of this period, such as achieving a new high of nearly 18 exahashes per second and improving efficiency to 23.05 joules per terahash. Riot Platforms also saw a 43% decrease in Bitcoin production to 215 BTC in May. The company was credited with $57.23 million in energy credits because of reducing power usage and taking part in the local grid operator’s demand response program. Riot CEO Jason Les noted that the company was making progress towards achieving its hash rate growth goals for 2024. He added:. The initial 100 MW structure at our Corsicana Facility, Building A1, has been completely constructed and the deployment of miners is almost finished. Many of the new miners were set up towards the end of the month, increasing Riot’s self-mining capacity by 3.1 EH/s and bringing the total to 14.7 EH/s. At the same time, Bitfarms experienced a decrease in its Bitcoin output similar to the other companies.