Bitcoin’s recent price decline has not only affected investors but also cryptocurrency miners. According to F2Pool, only five mining facilities are currently profitable in this challenging environment.
The drop in Bitcoin’s price to $53,000 has put significant pressure on miners, who are forced to sell their Bitcoin rewards to cover their operating costs, especially during market downturns.
Data released by F2Pool shows that ASICs with an electricity rate of $0.08 per kilowatt-hour (kWh) and efficiency below 23 watts per terahash (W/T) are operating at a loss. Only four machines from Antminer and one from Avalon remain profitable as long as Bitcoin prices stay above $53,100. Other mining rigs are currently costing more to operate than the rewards they generate.
Miners, who play a crucial role in providing computational power for blockchain networks, face high operating costs that require them to constantly sell their rewards. This selling pressure has contributed to the downward pressure on Bitcoin’s price, as seen in June when miners sold over $1 billion worth of Bitcoin in just two weeks.
It’s important to note that this article does not provide investment advice. If you’re interested in investing in cryptocurrencies, you can register with Binance exchange and receive a 20% commission discount.
For more exclusive news, analytics, and on-chain data, follow our Telegram and Twitter accounts.
