A number of Bitcoin mining companies that are publicly listed have seen a decrease in production recently because the profitability of mining has also gone down.

Hut 8, one of the largest crypto mining companies in America, reported a significant decrease in the BTC it mined in April compared to March. This drop was mainly due to the relocation of over 25,000 mining machines from different sites to Marathon Digital Holdings.

The company reported that they produced 148 BTC in April, a decrease from the 231 BTC mined in March. The deployed hash rate also fell from 5.4 EH/s to 4.5 EH/s.

Hut 8's CEO, Asher Genoot, mentioned that despite the halving event, their team was able to maximize their hash rate during the relocation and while adding new capacity.

Aside from Hut 8, other public mining companies like Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf have also reported a decline in production in April, ranging from 6% to 12%.

The decline in production can be attributed to the halving event on April 20 which led to the reduction of block rewards. However, the BTC fee market managed to counteract this impact, albeit temporarily, with the launch of Bitcoin Runes increasing the demand for block space.

Riot Blockchain, on the other hand, reported a 12% decrease in BTC production in April. Despite this, they anticipate doubling their self-mining hash rate capacity by the end of 2024.

The decrease in production by these mining companies has coincided with a decrease in profitability, indicated by the hash price which has fallen to just $0.05 per terahash per second per day. This is a significant decline from its highs in 2021.