Public mining companies have faced a notable dip in Bitcoin production during the month of April, with decreases ranging from 6% to 12% following the halving event. Bitfarms, Cipher, CleanSpark, Core Scientific, Riot, and Terawulf, prominent names in the Bitcoin mining sector, all reported declines in production, as per a report from The Miner Mag. Despite this setback, the report highlights that the robust Bitcoin fee market temporarily alleviated some of the halving’s impact on these companies.

Hut 8 Reports 36% Decline in BTC Production

Hut 8, a leading Bitcoin mining company in North America, disclosed a substantial drop in its proprietary production for April.

In their latest update, Hut 8 revealed mining 148 BTC with their proprietary fleet during April, indicating a 36% decrease from March. The realized hashrate also saw a significant decline of 51%, plummeting from its December peak following the merger with USBTC.

Relocation Challenges

Hut 8 attributed the production decline primarily to the relocation of proprietary miners previously hosted in Kearney and Granbury, acquired by Marathon in December. The accelerated vacating process by Marathon in February caused disruptions in Hut 8’s mining operations.

CEO Asher Genoot mentioned the successful relocation of over 25,000 miners in just eight days during April, aiming to minimize downtime. The Kearney and Granbury miners found a new home at the Salt Creek site in Texas, which became operational within an impressive three-month period since breaking ground.

Hut 8 expanded its total mining capacity to over one gigawatt in April, partly due to the energization of a 215-megawatt site in Ward County, Texas, facilitated for Ionic Digital following Celsius’ Chapter 11 bankruptcy case.

Bitcoin Miners Adjust Operations After Halving

The halving event on April 20, reducing mining rewards by half, prompted Bitcoin miners like Riot Platforms to recalibrate their operations. This adjustment is crucial given the potential outflow of Bitcoin expected from miners post-halving.

Markus Thielen of 10x Research estimates miners could liquidate around $5 billion worth of BTC following the halving, suggesting a challenging period ahead. CoinShares analysis identifies Riot, TeraWulf, and CleanSpark as companies well-positioned to navigate the post-halving landscape.