Bitcoin Mining Companies Experience Decrease in Production After Halving Event 📉
Public mining companies have reported decreases in Bitcoin production ranging from 6% to 12% for the month of April following the halving event.
Impact on Major Bitcoin Miners 📊
- Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf all experienced production declines.
- The robust Bitcoin fee market briefly mitigated the impact of the halving on these companies.
Hut 8 Reports Significant Decline in BTC Production 📉
Hut 8, a leading Bitcoin mining company in North America, saw a notable decrease in its proprietary production for April.
- Reported mined 148 BTC with their mining fleet, a 36% drop compared to March.
- Realized hashrate of 3.44 EH/s, down 51% from peak of 6.27 EH/s in December.
Reasons Behind Production Decline â›”
The decline was primarily attributed to the relocation of proprietary miners from Kearney and Granbury sites.
- Disruptions in mining operations due to Marathon’s acquisition of Kearney and Granbury sites.
- Over 25,000 miners removed in just eight days to minimize downtime.
Operational Adjustments and Expansion 🔄
Hut 8 successfully relocated miners to the Salt Creek site in Texas within a swift three-month period.
- The Salt Creek site now operates at a power capacity of 63 megawatts.
- Total self-mining, hosting, and managed power capacity expanded to over one gigawatt in April.
Bitcoin Miners Adapt Post-Halving 🔄
After the halving event, miners like Riot Platforms are adjusting operations to account for reduced mining rewards.
- Markus Thielen of 10x Research estimates miners could liquidate around $5 billion worth of BTC post-halving.
- Companies like Riot, TeraWulf, and CleanSpark are seen as well-positioned to navigate the changes.
Hot Take: Adapting to Bitcoin Supply Dynamics 💡
As Bitcoin mining companies navigate the impacts of the halving event, operational adjustments and swift relocations are key to maintaining production levels.
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