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Bitcoin Brutal Dip

Bitcoin’s Brutal Dip: Only 5 Mining Machines Still Profitable as Market Tumbles

Samuel Edyme
by Samuel Edyme
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As Bitcoin dips below the $55,000 mark, the implications for cryptocurrency mining are quite significant, raising concerns across the industry. Particularly, the recent drop in Bitcoin’s value has pushed the operational viability of many mining machines to their limits.

A report from F2Pool, a leading Bitcoin mining pool, highlights that of the many mining machines on the market, only a handful remain profitable under the current economic conditions.

Related Reading: Bitcoin And Bitcoin Cash Repayments To Mt. Gox Creditors Officially Begin

Adjusting to New Realities: Market Conditions Strain Miners

F2Pool’s analysis reveals that just five ASIC (Application-Specific Integrated Circuits) models can still profit at the current Bitcoin price levels. These include the Antminer S21 Hydro, Antminer S21, Avalon A1466I, Antminer S19 XP Hydro, and Antminer S19 XP.

These machines have break-even points ranging from $39,581 to $53,187, making them the last bastions of profitability in the ongoing price dip.

Bitcoin mining machines.
Bitcoin mining machines. | Source: f2pool

On the other hand, models like the Whatsminer M56S++ hover just at the brink, with a break-even price dangerously close to the current BTC price, emphasizing the narrow margins within which miners are operating.

⛏️With #Bitcoin trading below $58k, what is the current profitability for mining?

At a rate of $0.08/kWh, ASICs less efficient than 23 W/T operate at a loss.

For more details on mainstream miners, please refer to the table below. pic.twitter.com/hJS1lsVnmK

— f2pool 🐟 (@f2pool_official) July 4, 2024

Meanwhile, the BTC network reflects these challenges with a notable decrease in hashrate, a measure of the total computational power used to mine and process transactions.

Bitcoin Hashprice Index
Bitcoin Hashprice Index. | Hashrateindex

This reduction can be attributed partly to less efficient miners shutting down or downsizing their operations in response to reduced rewards following BTC’s latest Halving event, which saw block rewards decrease from 6.25 to 3.125 BTC.

Friday witnessed a negative difficulty adjustment of 5%, aimed at making it easier for the remaining miners to find blocks. This adjustment could directly respond to the decreased competition and help stabilize mining revenues for those still in the game.

Despite these adjustments, the overall profitability for miners remains pressured, with significant impacts visible not only on individual operations but also on the broader market.

Related Reading: Bitcoin Futures-To-Spot Volume Ratio Down 63% This Bull Run: What It Means

Bitcoin Plummets 10%

BTC has experienced a sharp 10% decline in the past week, falling to a current trading price of $55,177. This significant drop has contributed to a 4.1% decrease in the global crypto market cap, shedding over $100 billion over the past day.

Bitcoin (BTC) price chart on TradingView
BTC price is moving downwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

This downturn has heavily impacted traders, resulting in widespread losses. Data from Coinglass indicates that within the past day, 207,067 traders were liquidated, leading to total liquidations of $580.18 million. BTC liquidations account for $186.99 million of this amount, predominantly from long positions.

Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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