The Bitcoin mining industry is experiencing significant financial pressure as the 'hashprice' has plummeted to an all-time low of $46.55 per petahash per day, marking a drastic 74% decline from its post-halving peak. This downturn has led to Bitcoin miners facing the lowest revenue levels since early 2023, as noted by CryptoQuant. Despite these challenges, major mining firms like Riot Platforms and Bitfarms have reported contrasting financial outcomes. Riot Platforms achieved a net income of $211.8 million in Q1 2024, buoyed by a surge in Bitcoin prices, while Bitfarms saw its lowest monthly earnings in over two years, mining only 269 BTC in April 2024. Additionally, the prices of used ASIC Bitcoin miners have also decreased, with notable models such as the BITMAINtech S19j Pro and Whatsminer_MBT M30S+ experiencing price drops of 28% and 35%, respectively. Amidst these market conditions, publicly traded Bitcoin mining firm Stronghold is considering selling itself following the latest halving.
NEW: #Bitcoin ⛏️ mining firm Bitfarms reports lowest monthly earnings in 2 years after the halving, with 269 #BTC mined in April 2024. https://t.co/AsUo6YK5Xx
Publicly traded Bitcoin mining firm Stronghold may sell itself in wake of latest "halving." https://t.co/inAEqhh4Z2
NEW: US #Bitcoin miner Riot Platforms reports strong Q1 2024 with record profits thanks to surging #Bitcoin prices. Revenue grew to 💵 $79.3M, while net income jumped to $211.8M due to a 131% rise in #Bitcoin compared to Q1 2023. https://t.co/P2F5flHIcB
🚨 @Bitfarms_io reports lowest monthly earnings in over two years post-#Bitcoin halving. April 2024 yields were 269 $BTC, down 6% from March and 29% year-over-year. Ongoing $240M upgrade aims to triple hash rate to 21 EH/s amid reduced rewards. https://t.co/qwmIYmko0T
As summer looms, CryptoQuant warns that Bitcoin miners could face significant challenges ahead, particularly if prices fail to recover substantially during the warmer month https://t.co/ZPAs6Z2Lcy
UPDATE: BITCOIN MINING FIRM RIOT PLATFORMS POSTED A NET INCOME OF $211.8M IN Q1 2024
#Bitcoin Miners Recorded Strong Revenue Last Month https://t.co/5Ay75C37h2
#Bitcoin Miners Log Second Highest Monthly Revenue in April, Despite Falling Hash Value https://t.co/5Ay75C37h2
Used ASIC #Bitcoin miners with an efficiency of ~30+ J/TH, are falling in price according to @LuxorTechnology ➡️@BITMAINtech S19j Pro, dropped from $7.25/TH to $5.25/TH (28%). ➡️@Whatsminer_MBT M30S+ saw a 35% drop from $5.75/TH to $3.75/TH. https://t.co/dHTbNIkoGU
NEW: #Bitcoin miners feel the pain as hashprice dips to new all-time lows of below $45/PH/Day 👀 https://t.co/nicK3K5eUA
#Bitcoin miner revenues drop to lowest level since early 2023 📉💸 Post-halving is proving tricky now the #Runes hype has faded 👀 Click below to find out more ⬇️⬇️⬇️ https://t.co/HW9mjh0Pxk https://t.co/77bcdoZFuW
CRYPTOQUANT: #Bitcoin ⛏️ miners hit early 2023 revenue lows post-halving. No capitulation signs yet. https://t.co/0kHTBqAYVo
Despite revenue falling to early 2023 levels, #Bitcoin miners haven’t shown any sign of capitulation for now, says CryptoQuant’s @ki_young_ju. https://t.co/3Wcmo1YgWC
⛏️ Miners can now expect 1 petahash per second of hashing power to yield about $47 worth of BTC in a day, an all-time low. @httpsageyd reports 🗞️ Read more: https://t.co/gPi0KAG9kh
Bitcoin Mining Profits Plunge as ‘Hashprice’ Hits All-Time Low ⛏️Miners can now expect 1 petahash per second of hashing power to yield about $47 worth of BTC each day, an all-time low. @httpsageyd reports 🗞️ Read more: https://t.co/ekP1bmTmwc https://t.co/aZqvr5rlEM
BREAKING: Hashprice reaches all time low of $46.55/PH/Day, down 74% from its post-halving peak! https://t.co/XkaxOtnPzo