Several Bitcoin miners experienced a decrease in BTC production during May due to the effects of the April Bitcoin halving event. The Bitcoin halving, which occurs roughly every four years, automatically reduces miner rewards and increases the scarcity of the cryptocurrency.

This year's halving event reduced mining rewards to 3.125 BTC per block, significantly lowering total daily BTC production to a maximum of 450 BTC.

Miners report reduced production

CleanSpark disclosed in a statement on June 4 that its BTC production dropped by 42% to 417 BTC in May, down from 721 BTC in April. Despite the decline, 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 of 6,154 BTC in holdings.

CleanSpark's CEO, Zach Bradford, highlighted achievements during this period, noting a new high of nearly 18 exahashes per second in hash rate and improved efficiency to 23.05 joules per terahash.

Similarly, Riot Blockchain reported a 43% decrease in Bitcoin production to 215 BTC in May compared to the previous month. However, the company earned $7.3 million in energy credits due to power curtailment and participation in a local grid operator's demand response program.

Riot's CEO, Jason Les, emphasized progress towards 2024 hash rate growth targets, noting developments at their Corsicana Facility and the addition of 3.1 EH/s to Riot's total self-mining capacity, which now stands at 14.7 EH/s.

Bitfarms also experienced a decline in Bitcoin production, generating 156 BTC in May, down 42% from the 269 BTC produced in April. The company cited reduced block rewards and operational challenges in Argentina, including curtailments and significant downtime during miner upgrades.

Bitfarms sold 136 BTC for $8.9 million as part of treasury management and reported holding approximately 850 BTC valued at around $57.2 million as of May 31.

These reports underscore the broader impacts of the Bitcoin halving on miners, prompting them to adjust strategies to maintain profitability in a dynamic market environment.