Stronghold Digital Mining reported a 47.1% decrease in its Bitcoin mining output for May, mining 82 BTC compared to 155 BTC in April. This decline led to a corresponding drop in revenues, down 46% to $5.2 million from the previous month. The company attributed these decreases directly to the effects of the Bitcoin halving, stating that it was the first full month of operations post-halving.

In addition to reduced block rewards post-halving, Stronghold noted a decrease in average hash price to $0.052 per TH/s in May, down from $0.095 in April. Factors contributing to this included a slight decrease in Bitcoin's price and lower transaction fees. Despite a 1.2% increase in network hash rate, this was not sufficient to offset the overall decline.

Other companies in the Bitcoin mining sector reported similar trends. Cipher Mining saw its BTC production drop by 43.9% month-over-month to 166 BTC in May from 296 BTC in April. Marathon Digital's output decreased by 27.5%, mining 616 BTC in May compared to 850 BTC in April. Marathon mitigated this decline by increasing its mining block wins to 170 in May, up from 129 in April. At the end of May, Marathon held 17,857 BTC and sold 390 BTC during the month. They reported an energized hash rate of 29.3 EH/s and an installed hash rate of 30.6 EH/s.

Overall, the Bitcoin halving on April 20, 2024, which reduced block rewards from 6.25 to 3.125 BTC, has significantly impacted Bitcoin mining operations, affecting miner profitability and difficulty levels across the industry.