As bitcoin prices fell below $58,000, only five mining rigs remain profitable, potentially indicating a local market bottom. Miners, who provide computing power to blockchain networks, are facing high operational costs. F2Pool's graph shows that only four of Antminer's rigs and one Avalon rig are profitable as long as prices are above $53,100, while all other miners are costing more to operate than the rewards received. Some market observers suggest that miners' unprofitability could signal a local bottom, as there is less selling pressure.
Only Five Mining Rigs Remain Profitable as Bitcoin Prices Drop Below $58,000, Potentially Signaling
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