Bitcoin Miners Feel the Squeeze As BTC Dips Below $55,000, Only a Handful of Machines Remain Profitable

A report from F2Pool, a leading Bitcoin mining pool, highlights that of the many mining machines on the market, only a handful remain profitable under the current economic conditions.

As Bitcoin trades below the $58k mark, the profitability of cryptocurrency mining is under scrutiny. At a rate of $0.08/kWh, ASICs less efficient than 23 W/T operate at a loss. Here's a closer look at mainstream miner profitability:

ASICs less efficient than 23 W/T operate at a loss with electricity at $0.08/kWh. For more details on mainstream miners, please refer to the table below.

This table provides a snapshot of the breakeven points for different ASIC models in the current market conditions. The breakeven point is the price at which Bitcoin must trade for the miner to cover their electricity and hardware costs and generate zero profit. As you can see, only five models remain profitable at the current Bitcoin price levels. These include the Antminer S21 Hydro, Antminer S21, Avalon A1466I, Antminer S19 XP Hydro, and Antminer S19 XP.

These machines have breakeven points ranging from $39,581 to $53,187, making them the last bastions of profitability in the ongoing price dip. On the other hand, models like the Whatsminer M56S++ hover just at the brink, with a breakeven price dangerously close to the current BTC price, highlighting the narrow margins within which miners are operating.

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