Bitcoin’s Fall Hits Miners Too! Only 5 Mining Companies Remain Profitable! Here Are the Details

Mining giant To F2Pool according to, Bitcoin (BTC) The price has recently fallen to $53,000 levels. crypto money This created a harsh environment for miners, with only five mining sites remaining profitable.

F2Pool Says Only Five Mining Rigs Are Profitable as Bitcoin Drops to $53K

This scenario causes significant stress among miners, who must constantly sell their Bitcoin rewards to maintain their operations, especially during market declines.

Data released by F2Pool earlier Friday shows that at an electricity rate of $0.08 per kilowatt-hour (kWh), Application-Specific Integrated Circuits (ASICs) that are less efficient than 23 watts per terahash (W/T) are now operating at a loss.

F2Pool’s chart highlights that as long as Bitcoin prices remain above $53,100, only four machines from Antminer and one from Avalon remain profitable. All other mining rigs currently cost more to operate than the rewards they generate for their operators.

Miners, who provide the computational power required for blockchain networks in exchange for token rewards, face high operating costs that require them to continually sell these rewards.

This situation has led to significant selling pressure in the market, especially evident during periods of falling prices.

In June, miners sold over $1 billion worth of Bitcoin in just two weeks as prices fluctuated between $65,000 and $70,000, adding to the downward pressure on Bitcoin’s price.

*This is not investment advice.