🚨Bitcoin Alert!🚨 BTC has taken a tumble, folks! On July 5th, it dipped below $54,000, a drop of over 6% in the past 24 hours. 😱 This was due to increased bearish pressure, intensified by the repayment process started by Mt. Gox, a now-defunct cryptocurrency exchange.

This downturn has hit Bitcoin miners hard. 🏭 According to data from f2pool, only six mining machines remain profitable when Bitcoin's price drops below $56,000. These include the Antminer models S21 Hyd, S21, A1466I, S19 XP Hyd, S19 XP, and the Whatsminer M56S++.

The data also reveals that ASICs with an efficiency of less than 23 watts per terahash (W/T) are operating at a loss at an electricity rate of $0.08 per kilowatt-hour (kWh).

But here's the kicker: miners have been offloading over $1 billion worth of crypto assets when the price fluctuated between $65,000 and $70,000, contributing significantly to the selling pressure on Bitcoin.

Some market analysts suggest that this unprofitability could indicate a local bottom, as reduced profitability might lead to less selling pressure. 📉 They also suggest that the network is showing signs of miner capitulation, a period characterized by miners halting operations or selling part of BTC reserves.

Historically, this stage has been associated with the bottoming of Bitcoin prices, after which the asset typically begins an uptrend. So, keep your eyes peeled, Bitcoin enthusiasts! 👀🚀