Bitcoin miners experienced a drastic decline in earnings in May, marking the lowest revenue seen since October 2023. After two consecutive months of record-breaking profits, the figures for May show a significant drop, with miners generating approximately $964.24 million compared to the $1.79 billion generated in April.
According to data from theblock.co, bitcoin miner revenue in May was 46.15% lower than in April. Block subsidies and fees amounted to $964.24 million, while onchain fees were only $64.85 million, a substantial decrease from the $281.47 million earned in April.
This decline in revenue reflects the volatility of the cryptocurrency market during that period. Despite improvements in the hashprice, the drop in earnings highlights the challenges faced by miners. Their future profitability will depend on various factors, including market conditions and technological advancements. This emphasizes the importance of adaptability and strategic planning in the ever-changing digital landscape.
In May, a total of 4,281 blocks were discovered, with Foundry USA leading the way by finding 1,243 blocks, accounting for over 29% of the total. Antpool came in second, discovering 1,117 blocks, or 26.09% of the total. Bitcoin’s hashprice saw a significant increase, rising from $44.38 per petahash per second (PH/s) on May 1 to the current rate of $57.18 per petahash.
Despite reaching an all-time high of 656 exahash per second (EH/s) last week, the hashrate has since dropped below the 600 EH/s mark. This fluctuation further highlights the unpredictable nature of the cryptocurrency market.
What are your thoughts on the significant decline in revenue for bitcoin miners in May? Feel free to share your opinions in the comments section below.
