Several Bitcoin miners experienced decreased BTC production in May due to the effects of the April Bitcoin halving event, which occurs roughly every four years and reduces miner rewards, thereby increasing the digital asset’s scarcity.

This year’s halving reduced mining rewards to 3.125 BTC per block, resulting in a maximum daily BTC production of around 450 BTC.

CleanSpark reported a 42% decline in BTC production in May, falling to 417 BTC from 721 BTC in April. Despite this decrease, CleanSpark claimed to have exceeded industry expectations post-halving, surpassing some competitors’ pre-halving outputs. The company sold approximately 2.43 BTC in May and ended the month with a total Bitcoin holdings of 6,154 BTC. CEO Zach Bradford highlighted that CleanSpark achieved a new hash rate high of nearly 18 exahashes per second while enhancing efficiency to 23.05 joules per terahash.

Similarly, Riot Blockchain saw a 43% month-on-month drop in Bitcoin production to 215 BTC in May. However, the company received $7.3 million in energy credits due to power curtailment and participation in a local grid operator’s demand response program. CEO Jason Les noted progress toward the company’s 2024 hash rate growth targets, mentioning developments at their Corsicana Facility.

Bitfarms also experienced a decline in Bitcoin production, generating 156 BTC in May, down 42% from April’s 269 BTC. The company attributed this reduction to the halving’s impact on block rewards and operational challenges, including curtailments in Argentina and downtime during miner upgrades. Bitfarms sold 136 BTC for $8.9 million as part of its treasury management and held approximately 850 BTC valued at $57.2 million as of May 31.

These reports underscore the broader impact of the Bitcoin halving on miners, prompting strategic adaptations to maintain profitability amidst changing conditions in the industry.