Bitcoin's recent fall below $54,000, a decline of over 6% in 24 hours, has rendered several mining machines unprofitable, according to data from f2pool. Only six machines, including Antminer models S21 Hyd, S21, A1466I, S19 XP Hyd, S19 XP, and the Whatsminer M56S++, remain profitable when Bitcoin’s price drops below $56,000.

At an electricity rate of $0.08 per kilowatt-hour (kWh), ASICs with an efficiency of less than 23 watts per terahash (W/T) are operating at a loss. Miners have significantly contributed to the selling pressure on Bitcoin, offloading over $1 billion worth of crypto assets when the price fluctuated between $65,000 and $70,000.

However, market analysts suggest the current unprofitability of miners could indicate a local bottom, potentially leading to less selling pressure. Signs of miner capitulation, characterized by miners halting operations or selling part of BTC reserves, have historically been associated with the bottoming of Bitcoin prices, followed by an uptrend.