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Mining company Hut 8 published a report on a 36% decrease in Bitcoin mining

Mining: Mining company Hut 8 published a report on a 36% decrease in Bitcoin mining

Canadian mining company Hut 8 has presented its results for the month of April 2024. As reported by The Miner Mag, the company successfully mined 148 BTC during this period.

Compared to the previous month, the number of bitcoins mined by the corporation decreased by 36%. The achieved #hashrate of Hut 8 was 3.44 EH/s, which is 51% lower than the peak of 6.27 EH/s achieved in December 2023 after the merger with mining company USBTC.

Similarly, other participants in the bitcoin mining sector such as #Cipher, #CleanSpark, #Riot and #Core Scientific have also announced a decline in mining output in April 2024. However, the drop in their performance ranged from 6 to 12%.

According to the official statement, the main factor contributing to the decline in bitcoin mining activity was the relocation of infrastructure located in Kearney, Nebraska and Granbury, Texas. These facilities collectively have an operating capacity of 390 MW.

Hut 8 CEO Asher Genuth noted that the company moved more than 25,000 #ASIC devices in April. The company's management claims that such actions minimized the downtime of the mining facilities.

In addition, the slowdown in performance could have been affected by the #halving bitcoin event that occurred on April 20. However, according to the information provided, a temporary spike in network fees helped mitigate the loss.

The report states that Hut 8's total capacity has increased to 1 GW. Back in December 2023, the bitcoin mining company announced plans to build a new 215 MW facility in Texas.

Meanwhile, the #difficulty of the mining process has once again reached a record high. On April 24, it rose to 88.1T.

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