Stronghold Provides May 2024 Bitcoin Mining And Operational Update; Mined 82 Bitcoin In May 2024 And Generated An Estimated $5.2M Of Revenue
Portfolio Pulse from Benzinga Newsdesk
Stronghold Digital Mining, Inc. (NASDAQ:SDIG) reported mining 82 Bitcoin and generating $5.2 million in revenue in May 2024, a 46% decrease from April 2024. The decline was primarily due to the Bitcoin halving event, a slight drop in Bitcoin price, and lower transaction fees.
June 07, 2024 | 8:30 pm
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Stronghold Digital Mining reported a significant 46% decrease in revenue for May 2024 compared to April 2024, primarily due to the Bitcoin halving event, a slight decline in Bitcoin price, and lower transaction fees.
The 46% revenue decline is significant and directly tied to the Bitcoin halving event, which reduced block rewards by half. Additionally, lower transaction fees and a slight drop in Bitcoin price further impacted revenue. This is likely to negatively affect SDIG's stock price in the short term.
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