When Prices Dip Below 6 Only 56800 Bitcoin Miners Remain Profitable

According to mining giant F2Pool, the recent drop in Bitcoin (BTC) price to below $54,000 has created a challenging environment for cryptocurrency miners, leaving only six mining rigs profitable. This situation imposes significant stress on miners, who are forced to continuously sell their Bitcoin holdings to sustain their operations, especially during market downturns. With electricity prices at $0.08 per kilowatt-hour, ASIC (Application Specific Integrated Circuits) machines with an efficiency below 23 watts per terahash (W/T) are now operating at a loss, according to data published by F2Pool on Friday.

The data further indicates that only four machines from Antminer, one from Avalon, and one from Whatsminer remain profitable while Bitcoin prices are below the $56,800 mark. All other mining platforms are currently associated with higher operational costs than the rewards they generate, as the price of Bitcoin fluctuates around $54,500 at the time of writing the article. Read more:

After Mt.Gox transferred $54 billion worth of BTC, the price of Bitcoin fell below $2.7. Miners, who provide the computational power necessary for blockchains in exchange for token rewards, face high operational costs that force them to continuously sell these rewards.