Bit Digital Says It Produced 63.3 BTC In May, Down 47% From Prior Month
Portfolio Pulse from Benzinga Newsdesk
Bit Digital reported a 47% decrease in Bitcoin production for May, producing 63.3 BTC. The decline is attributed to the reduction of bitcoin block rewards following the April halving event and voluntary curtailment activity. The company's active hash rate was approximately 2.54 EH/s as of May 31, 2024.
June 05, 2024 | 8:34 pm
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Bit Digital's Bitcoin production dropped by 47% in May, producing 63.3 BTC. This decline is due to the reduction of bitcoin block rewards following the April halving event and voluntary curtailment activity. The company's active hash rate was 2.54 EH/s as of May 31, 2024.
The significant drop in Bitcoin production is likely to negatively impact Bit Digital's short-term revenue and stock price. The reduction in block rewards and voluntary curtailment activity are key factors contributing to this decline.
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