After two consecutive months of record-breaking revenue, bitcoin miners experienced a significant downturn in earnings in May, a level not seen since October 2023. In April, miners generated $1.79 billion, whereas May’s figures show a considerably lower revenue of approximately $964.24 million.
Sharp Decline in Bitcoin Miner Revenue in May
Bitcoin miners generated 46.15% less revenue in May compared to April, according to the theblock.co data. Miners earned $964.24 million from block subsidies and fees in May. Onchain fees were $64.85 million in May, significantly lower than the $281.47 million accrued in April.
This marked the lowest earnings since October 2023, when miners accumulated $864 million. Last month, 4,281 blocks were discovered, with Foundry USA leading the way by finding 1,243 blocks, accounting for over 29% of the total.
Antpool was the second-largest pool, discovering 1,117 blocks, or 26.09% of the total. Bitcoin’s hashprice improved significantly, rising from $44.38 per petahash per second (PH/s) on May 1 to the current $57.18 per petahash.
The revenue decline for bitcoin miners in May underscores the volatility within the cryptocurrency market during that period. Despite the improvement in hashprice, the significant drop in earnings highlights the challenges miners face.
Future profitability will hinge on various factors, including market conditions and technological advancements, emphasizing the need for adaptability and strategic planning in the dynamic digital landscape. After rapidly climbing to an all-time high of 656 exahash per second (EH/s) last week, the hashrate has since fallen below the 600 EH/s mark.