Reported Earlier, Bitdeer Announces May 2024 Operations Updates; Bitcoin Mined In May 2024 Declined By 35.7% Compared To May 2023
Portfolio Pulse from Benzinga Newsdesk
Bitdeer announced a significant decline in Bitcoin mining output for May 2024, with a 35.7% drop compared to May 2023 and a 30.6% drop compared to April 2024. This decline is attributed to the Bitcoin 'halving' event in April 2024. The company continues to convert mined cryptocurrencies into fiat currency.
June 06, 2024 | 6:57 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Bitdeer reported a 35.7% decline in Bitcoin mining output for May 2024 compared to May 2023, primarily due to the Bitcoin 'halving' event in April 2024. The company continues to convert mined cryptocurrencies into fiat currency.
The significant decline in Bitcoin mining output is likely to negatively impact Bitdeer's revenue and profitability in the short term. The Bitcoin 'halving' event has reduced the reward for mining, leading to lower production. This news is highly relevant and important for investors in BTDR.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100