The public miners are producing less bitcoin than expected
At the start of 2022, most public miners had lofty plans to expand their bitcoin production capabilities. Halfway into 2022 and few have managed to increase their bitcoin production.
Jun 13th 2022
Source: Production updates (Core, Riot, Bitfarms, CleanSpark, Hut 8, Hive, Marathon)
In May, most public miners didn't produce significantly more bitcoin than in January. These companies have struggled to keep up with the increasing difficulty and have not been able to grow their hashrate as fast as expected.
Some of these companies are even producing less bitcoin now than at the start of the year. Marathon is the prime example, mining 462 BTC in January and only 268 in May, corresponding to a 42% decrease. Their May and April production numbers are especially disappointing considering that they had among the most extensive hashrate expectation plans.