Bitcoin Miner Revenue Plummets by 46% in May

After two months of record-breaking revenue, bitcoin miners faced a sharp decline in May. Miners earned $964.24 million, a 46.15% drop from April’s $1.79 billion. This marks the lowest revenue since October 2023, when earnings were $864 million. Onchain fees also decreased significantly, from $281.47 million in April to $64.85 million in May, according to Bitcoin.com.

Bitcoin’s hashprice improved, rising from $44.38 per petahash per second (PH/s) on May 1 to $57.18 PH/s. Despite this, the revenue drop highlights the volatility in the cryptocurrency market. The total number of blocks discovered in May was 4,281, with Foundry USA leading by discovering 1,243 blocks (over 29% of the total). Antpool followed, finding 1,117 blocks (26.09%).

The revenue decline underscores the challenges miners face. Future profitability will depend on market conditions and technological advancements. This emphasizes the need for adaptability and strategic planning. The hashrate, which recently reached an all-time high of 656 exahash per second (EH/s), has since fallen below 600 EH/s.

This significant drop in revenue for bitcoin miners in May highlights the dynamic and often unpredictable nature of the cryptocurrency market. Miners must navigate these fluctuations to maintain profitability and sustain operations.