The earnings from Bitcoin mining experienced a dramatic drop in May, reaching a new post-halving yearly low. This decline followed the latest Bitcoin halving event on April 20, which reduced mining rewards from 6.25 BTC to 3.125 BTC, as part of the cryptocurrency’s design to limit its total issuance to 21 million over the years.

Despite the initial excitement and the launch of Bitcoin Runes buoying miners' earnings temporarily, total revenue from block rewards and transaction fees plummeted to $26.3 million on May 1. This represents a stark contrast to the pre-halving average daily revenue of approximately $6 million, data from Blockchain.com indicates.

Throughout May, a consistent downturn in revenue was noted, marking a new, lower standard for Bitcoin mining profitability. Notably, this revenue downturn coincided with an all-time daily high of over $107 million on April 20, the highest ever in Bitcoin's history.

In response to the anticipated revenue shortfall, miners globally have adapted their strategies. These adaptations aim to ensure profitability in the evolving Bitcoin economy, dependent now more than on high Bitcoin market values. Measures include investing in upgraded mining equipment to reduce costs and remain competitive. For instance, Bitfarms invested $240 million to significantly increase its operational efficiency and scale, a move described by CFO Jeffrey Lucas as a "game changer."

Despite these efforts, Bitfarms reported its lowest monthly earnings in over two years in April, totaling just 269 Bitcoin. This highlights the challenges miners face in maintaining profitability post-halving. CryptoQuant CEO Ki Young Ju suggests that Bitcoin's price must maintain above $80,000 to keep mining economically viable under the current circumstances.

The transformation in the mining landscape suggests a pivotal moment for the industry, raising questions about the future sustainability of Bitcoin mining operations.