DIGIVESTASI - In May 2024, the amount of Bitcoin (BTC) mined by miners in the United States decreased by up to 40% due to the Bitcoin Halving event that took place on April 20, 2024. This event reduced the reward for each block received by miners by half, from 6.25 BTC to 3.125 BTC.

According to a press release from Riot Platform on Tuesday (4/6/2024), the company’s Bitcoin production decreased by 43% month-on-month, from 375 BTC in April to 215 BTC in May.

However, Riot received US$7.3 million in energy credits due to power reductions and participation in the local grid operator's demand response program in the US.

Riot also managed to increase its hashrate from 12.6 EH/s to 14.7 EH/s. This hashrate is an indicator used to measure the speed and processing power in crypto mining.

Meanwhile, CleanSpark reported a 42% drop in Bitcoin production, from 721 BTC in April to 417 BTC in May, with an increased hashrate to 17.97 EH/s. The company reported selling 2.43 BTC in May at an average price of around US$59,000 per coin. The average Bitcoin mined in May reached 13.45 BTC per day, with a peak of 15.0 BTC.

Bitcoin mining production has also been affected since April 2024, with various other public miners including Riot, CleanSpark, Hut 8, Bitfarms, Cipher, Core Scientific, and Terawulf reporting production declines between 6% and 12%.

Electricity Costs Soar After Bitcoin Halving
A recent report from Best Broker Miner showed that the Bitcoin Halving has doubled the power consumption required to produce one coin. This has led to a surge in energy usage costs and operational expenses.

Previously, the electricity required to mine 1 BTC was 407,059.01 kilowatt-hours (kWh), with miners in the US able to produce 340.82 BTC per day using power from the grid. After the halving, miners now require 862,635.55 kWh of electricity to mine 1 BTC.

Currently, mining operations use 384,481,670 kWh of electricity to mine 450 Bitcoins each day.

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