As a long-term crypto investor with some experience under my belt, I find myself watching the market with a mix of anxiety and intrigue as Bitcoin takes another dip below $54,000. The recent sell-off, triggered by Mt. Gox’s repayment process and increasing bearish pressure, has left many mining machines operating at a loss.
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin experienced a significant decline on July 5th. The digital currency dipped below $54,000, representing a drop of more than 6% in just 24 hours. This downturn can be attributed to escalating bearish sentiments in the market. The selling pressure intensified when Mt. Gox, an early cryptocurrency exchange with a longstanding bankruptcy case, initiated customer repayments.
The latest downturn has rendered several Bitcoin mining machines unprofitable.
As a researcher examining Bitcoin mining profitability based on data from f2pool, I’ve discovered that when Bitcoin’s price dips below $56,000, only six specific mining machines continue to generate a profit. Among these are the Antminer models S21 Hyd, S21, A1466I, S19 XP Hyd, S19 XP, and the Whatsminer M56S++.
At a electricity cost of $0.08 per kWh, ASICs using more than 23 Watts per terahash in energy efficiency are generating a negative return.
Miners played a major role in increasing the supply of Bitcoin for sale during the price range of $65,000 to $70,000, offloading approximately one billion dollars’ worth of crypto assets in the process.
Market analysts propose that the present lack of profitability for miners could signal a local minimum. This is because decreased profits may result in fewer miners selling their assets.
Experts believe that the cryptocurrency network is exhibiting indicators of miner surrender, a phase during which miners either stop their mining activities or dispose of some of their Bitcoin holdings.
Historically, this phase has been linked to Bitcoin’s price dips, following which the cryptocurrency usually recovers and starts to gain value again.
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2024-07-05 23:24