**Bitcoin Miners Report Declines in Production Following Halving**
Stronghold Digital Mining saw a 47.1% drop in its monthly Bitcoin mining output to 82 BTC in May, down from 155 BTC in April. The company attributed the decline to the halving, which reduced block rewards from 6.25 to 3.125. Other major miners, including Cipher Mining, Marathon Digital, and SCleanspark, also reported significant declines in their Bitcoin output.
Cipher Mining's production fell 43.9% to 166 BTC, while Marathon Digital's output decreased 27.5% to 616 BTC. SCleanspark **Bitcoin Miners Report Declines in Production Following Halving**
Riot Platforms and Bitfarms also reported declines in their BTC output. The halving, which occurred on April 20, has led to a drop in block rewards, reduced transaction fees, and a decrease in the number of new miners entering the market.
Stronghold Digital Mining's revenue for the month came in at $5.2 million, a 46% drop from the previous month. The company's average hash price per TH/s decreased to $0.052, down from $0.095 in April.
Cipher Mining maintained positive cash flows and expanded its inventory and operation sites despite the decline in production. Marathon Digital held 17,857 BTC at the end of May and sold 390 BTC during the month.
The miner's hash rate, which measures the total computing power dedicated to mining, has also been affected by the halving. Stronghold Digital Mining reported an average hash rate of 1.2% of the network, partially offsetting the trend.
The decline in production is expected to continue in the short term as miners adjust to the new block reward structure and reduce their operational costs. However, some miners are already exploring ways to mitigate the impact of the halving, such as increasing the number of mining blocks won and optimizing their energy consumption.
