Bitcoin miners experienced significant production declines in May 2024 following the recent Bitcoin halving. Bitfarms reported a 42% revenue drop, while Riot Platforms produced 215 Bitcoins and increased its deployed hash rate to 14.7 EH/s. Core Scientific led production with 448 Bitcoins, followed by CleanSpark with 417, and Marathon Digital with 616. The percentage drop in production varied among miners, with Gryphon experiencing the largest decline at 47%, and Marathon Digital the smallest at 16%. Additionally, Riot Platforms faced challenges with an average uptime of 66% year-to-date and a short report from Kerrisdale Capital, which criticized its business model. Riot's shares fell on Wednesday. Riot made significant progress towards its 2024 hash rate growth targets during the month of May as operations ramped up at its second mining facility outside of Corsicana, Texas.
$RIOT self-mining operation woes YTD continue and other thoughtsπ 1) Avg uptime this year 66% (worst among all #bitcoin miners) 2) $RIOT grew deployed EH/s to 14.6 from 12.6 last month (+16% growth) BUT their ACTUAL operating EH/s continues to be flat and May uptime was 60%β¦ https://t.co/WOZrNC5Oej
JUST IN: KERRISDALE CAPITAL SHORTS #BITCOIN MINER RIOT PLATFORMS - "EASILY AMONG THE WORST BUSINESS MODELS FOR A PUBLIC COMPANY WE HAVE EVER ENCOUNTERED"
#Bitcoin May mining production results so far vs avg BTC mined pre-halving in 2024 π $MARA 616 $CORZ 448 $CLSK 417 $RIOT 215 $WULF 186 $CIFR 166 $BITF 156 $GRYP 22 % drop from avg $GRYP -47% $CORZ -39% $RIOT -38% $CIFR -37% $BITF -36% $WULF -34% $CLSK -24% $MARA -16% Minersβ¦ https://t.co/PXHGiyZH5L
Another wild day in Bitcoin mining. Kerrisdale puts out short report on Riot. Core Scientific drops 8% then recovers to go green. Cipher upgrades 2024/2025 hash rate guidance. Never a dull moment! π€£
Bitcoin miner @RiotPlatforms shares fell on Wednesday after short-seller @KerrisdaleCap is shorting the miner. by @ Aoyon_A https://t.co/pwq6wboAhi
ICYMI: #Bitcoin halving slashes minersβ production in May by over 40% Read the full article π https://t.co/IAZrxvAbeK https://t.co/hbJw5YgvvM
UPDATING #Bitcoin May mining production as $CORZ had published (Didn't see it)....Results so far for May BTC production vs avg BTC mined pre-halving in 2024 π $CORZ 448 $CLSK 417 $RIOT 215 $WULF 186 $CIFR 166 $BITF 156 % drop from avg $CORZ -38.6% $RIOT -38% $CIFR -37% $BITFβ¦ https://t.co/4ntxQCrSFc https://t.co/XGHDh34IWg
#Bitcoin May production is being published over next few days for miners (1st month post-halving) Results so far comparing May's BTC production vs avg BTC mined pre-halving in 2024 π $CLSK 417 $RIOT 215 $WULF 186 $CIFR 166 $BITF 156 % drop from avg $RIOT -38% $CIFR -37% $BITFβ¦ https://t.co/Hmm72seHr1
Riot Produces 215 #Bitcoin in May 2024 and Increases Deployed Hash Rate to 14.7 EH/s. βRiot made significant progress towards its 2024 hash rate growth targets during the month of May as operations ramped up at our second mining facility outside of Corsicana, Texas,β saidβ¦
#Bitcoin miner @Bitfarms_io Sees 42% Revenue Drop in May Post-Bitcoin Halving #NewsBytes https://t.co/d49A39Qcon