🚀🚀Bitcoin Miners Struggled by Price Drop: Only Five Devices Remain Profitable 🚀🚀
The recent decline has severely affected the profitability of Bitcoin miners. According to CoinGecko data, Bitcoin's value fell more than 7%, falling below $54,000. This has made it increasingly difficult for miners to make profits, especially those using older and less efficient ASIC mining devices.
According to F2pool, some ASIC mining machines with electricity costs of $0.08 kWh and efficiency below 23 W/T are now operating at a loss. However, advanced models such as Antminer and Avalon can remain profitable as long as Bitcoin prices remain above $53,100.
Electricity costs are a major expense for Bitcoin miners, and they are heavily dependent on revenue from block rewards and transaction fees to cover these costs. Following the last halving event, the block reward dropped from 6.25 BTC to 3,125 BTC, further squeezing miners' margins.
In recent months, Bitcoin miners have created significant selling pressure on the market. For example, in June, miners sold approximately $1 billion worth of Bitcoin, contributing to the decline in Bitcoin prices.
Some analysts believe that the current situation could be a positive sign for Bitcoin. Primitive Crypto partner Dovey Wan stated that the breakeven price for miners using S19 machines is approximately $52,000. These breakeven levels may indicate that Bitcoin has formed a local bottom and is setting the stage for a future rally.
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