The largest Bitcoin miners have recently reported their monthly performance figures following the fourth halving event on the Bitcoin network. Despite the impact of the halving event being small, it is still noticeable in the mining industry. CleanSpark (CLSK), the second-largest Bitcoin miner by market cap, mined 721 BTC in April, compared to 806 BTC in March. CLSK has been one of the best-performing Bitcoin mining stocks year to date, surging 60% while other mining stocks suffered amid pre-halving market fears. Marathon Digital (MARA) mined 850 BTC in April, with a higher energized hash rate than CLSK, and RIOT Platforms (RIOT) proved to be less efficient, mining just 375 BTC on a lower hash rate.
Despite the halving event, several Bitcoin miners saw only a slight drop in BTC revenue, some even mining more BTC month over month. Iris Energy, based in British Columbia, was able to mine slightly more BTC due to an increase in its operating hash rate. The surge in transaction fee revenue last month was partly due to the launch of the Runes protocol, which drove fees to over $150 as traders rushed to mint tokens. Marathon reported earning 16% of its revenue through transaction fees last month, and CleanSpark reported earning 48.3 BTC in a single day, roughly double its monthly average.
CleanSpark has proven to be the most efficient in mining BTC among its major rivals, mining more BTC with a lower energized hash rate than Marathon Digital and RIOT Platforms. Marathon Digital’s April update indicated that many of its mining machines were not active despite having a higher energized hash rate. RIOT stock experienced a significant decline between January and the halving in April and has struggled to recover, trading 30% down year to date. The efficiency and performance of Bitcoin miners continue to be affected by factors such as energized hash rates and operational hash rates.
The impact of the halving event on the mining industry has been relatively small but still noticeable, with some miners experiencing a drop in revenue. The temporary bump in transaction fee revenue due to the Runes protocol’s launch helped boost revenue for some miners last month. Marathon Digital and CleanSpark were among the miners that benefited from the surge in transaction fees, with CleanSpark earning double its monthly average in one day. As Bitcoin miners navigate the post-halving landscape, their efficiency and ability to adapt to changing market conditions will be key factors in their performance.
Despite the challenges posed by the halving event and changing market conditions, Bitcoin miners such as CleanSpark, Marathon Digital, and RIOT Platforms continue to operate and mine BTC. The efficiency of mining operations and the ability to maximize revenue from transaction fees will be crucial for miners to sustain profitability in the post-halving environment. As the Bitcoin network continues to evolve and miners adjust their strategies, monitoring performance figures and revenue sources will be important for investors and stakeholders in the mining industry. The impact of external factors such as the Runes protocol and market fluctuations will also play a role in shaping the performance of Bitcoin miners in the coming months.
