According to mining giant F2Pool, the recent drop in Bitcoin (BTC) price to $53,000 has created a challenging environment for cryptocurrency miners, with only five mining facilities remaining profitable.
F2Pool Says Only Five Mining Facilities Are Profitable as Bitcoin Drops to $53K
This scenario causes significant stress among miners, who must constantly sell their Bitcoin rewards to maintain their operations, especially during market declines.
With an electricity rate of $0.08 per kilowatt-hour (kWh), Application Specific Integrated Circuits (ASICs) that are less than 23 watts efficient per terahash (W/T) are now operating at a loss, data released by F2Pool early Friday showed. is showing.
F2Pool's chart highlights that only four machines from Antminer and one from Avalon remain profitable as long as Bitcoin prices remain above $53,100. All other mining rigs currently cost more to operate than the rewards they generate for their operators.
Miners, who provide the necessary computational power for blockchain networks in exchange for token rewards, face high operating costs that require them to constantly sell these rewards.
This has led to significant selling pressure in the market, especially evident in periods of falling prices.
In June, as prices fluctuated between $65,000 and $70,000, miners sold over $1 billion worth of Bitcoin in just two weeks, contributing to the downward pressure on Bitcoin's price.
*This is not investment advice.
