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Bitcoin Mining Companies Experience Production Declines Post-Halving
Public bitcoin mining companies such as Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf reported a production decline ranging from 6% to 12% for the month of April. The impact of the halving event was partially offset by the robust bitcoin fee market.
Hut 8 Reports Significant Decline in BTC Production
Hut 8, a leading Bitcoin mining company in North America, disclosed a notable decrease in its proprietary production for April. The company mined 148 BTC with its proprietary mining fleet during the month, marking a 36% decline compared to March.
The realized hashrate of 3.44 EH/s represented a significant drop of 51% from Hut 8’s peak in December. The relocation of miners previously hosted in Kearney and Granbury sites, purchased by Marathon, contributed to the decline in production.
Operational Adjustments and Expansion
Hut 8 successfully relocated over 25,000 miners to the Salt Creek site in Texas within a short timeframe, aiming to minimize downtime. The Salt Creek site, operational within three months, boasts a power capacity of 63 megawatts.
Furthermore, Hut 8 expanded its total self-mining, hosting, and managed power capacity to over one gigawatt in April. This expansion included a 215-megawatt site in Ward County, Texas, on behalf of Ionic Digital, following the Chapter 11 bankruptcy case of Celsius.
Bitcoin Miners Adapt to Post-Halving Changes
Following the halving event on April 20, Bitcoin miners, including Riot Platforms, have been adjusting their operations to the reduced mining rewards. Estimates suggest that miners could potentially liquidate around $5 billion worth of BTC post-halving.
Analyses indicate that companies like Riot, TeraWulf, and CleanSpark are well-positioned to navigate the challenges brought about by the halving event.
