Bitcoin mining revenue down over 50% due to post-halving pressures, U.S. mining stocks have positive May

From Investing.com: 2024-06-03 07:29:10

The average network hashrate for Bitcoin declined for the first time since December 2022 due to post-halving pressures on older ASICs, reducing daily mining revenue by more than 50%.

Despite challenges, U.S.-listed mining stocks saw a positive May with record revenue and EBITDA, increasing their share of network hashrate, boosting the aggregate market cap by 19%.

In May, Bitcoin’s price averaged $65,200, with a 7-day average of $68,400, showing 51% annualized volatility. The network hashrate dropped 4% from April to 599 EH/s, as mining profitability hit record lows.

Bitcoin miners earned an average of $49,000 per EH/s daily in May, with transaction fees fluctuating between 3-10% of block rewards. The proved block reward stood at $87.9 billion, with the aggregate market cap of U.S.-listed miners reaching $18.4 billion.

The market cap of 14 U.S.-listed Bitcoin miners reached $18.4 billion in May, up 19% monthly. Iris Energy Ltd gained 79%, while Stronghold Digital Mining Inc dropped 11%, reflecting the industry’s volatility.

Read more at Investing.com: Post-halving pressure mounts on Bitcoin mining economics: report By Investing.com