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The largest Bitcoin miners have released their monthly performance statistics for the first time following the Bitcoin network’s fourth halving event last month.
The effect of the halving on the mining sector has been minimal so far, yet still observable.
Bitcoin Miners Continue to Operate After Halving
CleanSpark (CLSK) – the second-largest Bitcoin miner by market capitalization at $3.92 billion – mined 721 BTC in April, down from 806 BTC in March, according to its monthly investor report.
CLSK is currently among the top-performing Bitcoin mining stocks this year, increasing by 60% while other mining stocks faced challenges amid pre-halving market concerns.
In comparison to major competitors, the company has demonstrated the highest efficiency in mining BTC with a lower energized hash rate, which reached 17 exahashes per second (EH/s) in April.
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In contrast, Marathon Digital (MARA) – the largest Bitcoin miner valued at $5.64 billion – mined a similar 850 BTC last month, despite its energized hash rate being 50% greater at 29.9 EH/s. Marathon Digital’s April update indicated that its “average operational hash rate” was only 21.1 EH/s, suggesting that many of its mining rigs were inactive when they could have been operational.
Riot Platforms (RIOT) has shown even lower efficiency, mining just 375 BTC with a 12.5 EH/s energized hash rate and an 8.8 EH/s average hash rate. RIOT stock was significantly affected between early January and the Bitcoin halving on April 19 and has made little recovery post-halving, trading 30% lower year to date.
Made a pure degen play on $RIOT last week with the thought that if $BTC runs they will too. Then I did some “research” and saw that $MARA holds twice as much #bitcoin so I switched the play. It’s working out well. pic.twitter.com/BkGnCYJvO9
— moist (@moistttttttttt) May 6, 2024
Revenue From Runes and Transaction Fees
<p severa bitcoin miners experienced a revenue decline of less than 15% month over month, despite the halving being in effect for approximately one-third that time. b.c.-based miner iris energy managed to mine slightly more btc attributed an increase its operational hash rate during period.
Part of their performance was influenced by a temporary rise in transaction fee revenue last month, driven by the Runes protocol, which launched concurrently with the halving. Runes is a new standard for minting tokens on Bitcoin that temporarily elevated fees to over $150 each as traders hurried to mint tokens under the new standard.
Marathon reported that 16% of its revenue last month came from transaction fees. CleanSpark noted it earned 48.3 BTC in a single day in April, approximately double its monthly average.
The post Here’s How Bitcoin Miners Performed Last Month After The Halving appeared first on Cryptonews.
