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As Bitcoin Bellyflops to $54K Only Five Mining Rigs Remain Profitable, Says F2Pool

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Solely 5 mining rigs stay worthwhile as bitcoin costs dropped beneath $58,000, probably signaling an area backside for the market.

Miners, who present computing energy to blockchain networks are going through vital operational prices.

Solely 5 mining rigs are worthwhile for his or her operators as bitcoin (BTC) slumped to the $54,000 mark this week, making a situation that would mark a “native backside.”

“At a charge of $0.08/kWh, ASICs much less environment friendly than 23 W/T function at a loss,” mining large F2Pool stated in a graph launched early Friday. A kWh or kilowatt-hour measures the power utilization of {an electrical} system or load.

F2Pool’s graph reveals 4 of Antminer’s varied rigs and one Avalon rig which can be worthwhile so long as costs are above $53,100. All different miners are actually costing extra to run than the rewards acquired by operators.

Miners are entities that provide computing energy to any blockchain community in return for “rewards” within the type of tokens. These rewards are frequently bought by miners to cowl operational prices – that are pretty intensive, with some miners even submitting for chapter up to now few years.

Miners had been a serious supply of bitcoin promoting strain in June with over $1 billion price of BTC bought over two weeks as costs ranged between the $65,000 and $70,000 ranges, as beforehand reported.

In the meantime, some market observers say miners’ unprofitability might mark an area backside as there may be much less promoting strain.

“Bitcoin miners are (an) inch away from capitulation, S19 break even at 52k,” stated Dovey Wan, accomplice at crypto fund Primitive Crypto, in an X put up on Friday. “This can be a good setup for native backside.”

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