After two consecutive months of record-breaking turnover, Bitcoin (BTC) miners experienced a significant drop in revenue in May, levels not seen since October 2023. In April, miners generated $1.79 billion, while May figures show significantly lower revenue of approximately $964.24 million.

Sharp decline in revenues in May

Bitcoin miners generated 46.15% less revenue in May compared to April, according to data from Miners earned $964.24 million in block subsidies and fees in May. On-chain fees were $64.85 million in May, significantly lower than the $281.47 million raised in April.

This marked the lowest revenue since October 2023, when miners collected $864 million. Last month, 4,281 blocks were discovered, with Foundry USA leading the way by finding 1,243 blocks, accounting for more than 29% of the total.

Antpool was the second largest pool, discovering 1,117 blocks, or 26.09% of the total. Bitcoin’s hash price improved significantly, rising from $44.38 per petahash per second (PH/s) on May 1 to the current $57.18 per petahash.

The drop in revenue for Bitcoin miners in May underlines the volatility within the crypto market during that period. Despite the improvement in hash price, the significant drop in revenue highlights the challenges miners face.

Future profitability will depend on several factors, including market conditions and technological advancements, highlighting the need for adaptability and strategic planning in the dynamic digital landscape. After rapidly rising to an all-time high of 656 exahash per second (EH/s) last week, the hashrate has since fallen below 600 EH/s.


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