Public Mining Companies Experience Production Decline of 6-12% in April Post-Halving
Public mining companies have reported decreases in Bitcoin production ranging from 6% to 12% for the month of April following the halving event.
Major Bitcoin miners, including Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf, were all affected, according to a report from The Miner Mag .
However, the report said that the robust Bitcoin fee market briefly mitigated the impact of the halving on these companies.
Public bitcoin mining companies such as Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf reported a production decline between 6 – 12% for April as the robust bitcoin fee market briefly hedged the halving’s impact. As Runes becomes less popular, it is expected…
— Wu Blockchain (@WuBlockchain) May 7, 2024
Hut 8, one of the prominent Bitcoin mining companies in North America, has reported a significant decline in its proprietary production for the month of April.
In their monthly update released on Monday, Hut 8 disclosed that they mined 148 BTC with their proprietary mining fleet during April, marking a 36% decrease compared to March.
This decrease resulted in a realized hashrate of 3.44 EH/s, a considerable drop of 51% from Hut 8’s peak of 6.27 EH/s in December following the merger with USBTC.
While the halving event had its impact, Hut 8 attributed the decline in production primarily to the relocation of proprietary miners previously hosted in the Kearney and Granbury sites, which were purchased by Marathon in December.
Marathon accelerated the process of vacating the tenants in February, leading to disruptions in Hut 8’s mining operations.
Hut 8’s CEO, Asher Genoot, stated in the release that the team successfully removed over 25,000 miners on 440 pallets in just
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