Bitcoin miners experienced a sharp revenue decline in May after two months of record-breaking earnings.
According to Bitcoin.com, miners earned $964.24 million, a staggering 46.15% drop from April’s $1.79 billion. This marks the lowest revenue since October 2023. Onchain fees also took a hit, plummeting from $281.47 million in April to $64.85 million in May. Despite a slight improvement in Bitcoin’s hashprice, rising from $44.38 to $57.18 per petahash per second (PH/s), the revenue drop highlights the volatility of the cryptocurrency market. With a total of 4,281 blocks discovered in May, Foundry USA led the pack with 1,243 blocks, followed by Antpool with 1,117 blocks.
This decline underscores the challenges miners face, emphasizing the importance of adaptability and strategic planning for future profitability.
