Bitcoin Miners Face Ongoing Pressure as Market Volatility Tests Profitability

According to F2Pool, the operator of a bitcoin mining pool, just five ASICs, or bitcoin mining computers, are still profitable at the present price

As the price of bitcoin continues to fluctuate, affecting the profitability of mining the cryptocurrency, new data from F2Pool, a bitcoin mining pool operator, reveals that only five ASIC variants remain profitable at the present market price.

According to F2Pool, the break-even prices for these ASIC models, considering current electricity rates, range from $39,581 to $53,187.

The five profitable ASICs are the Antminer S21 Hydro ($39,581), Antminer S21 ($43,292), Avalon A1466I ($48,240), Antminer S19 XP Hydro ($51,456), and Antminer S19 XP ($53,187).

Other ASIC models are on the cusp of profitability, with the Whatsminer M56S++ having a break-even price of $54,424, close to bitcoin's current trading price of $54,407.

However, Bitmain's Antminer S19k Pro, which dominated the mining scene after the 2020 Bitcoin halving, is no longer profitable, with a break-even price of $56,898.

Recent developments in the bitcoin mining industry highlight the challenges posed by market volatility.

According to the Hashrate Index, bitcoin's price decreased by over 5% in a day and 11% in a week, leading to a new all-time low in hash price at $44.50 PH/s per day.

Despite a 5% negative difficulty adjustment, the network hashrate continues to decrease, dropping from 629.44 EH/s in April to 550.25 EH/s by the end of June, with a slight recovery to 586.49 EH/s.

The decreasing hashrate reflects the challenges faced by less efficient miners following the halving of block subsidies from 6.25 BTC to 3.125 BTC.

A negative difficulty adjustment on Friday aims to ease these challenges, potentially making mining more accessible.

However, this has led to increased selling pressure and market uncertainty, with miner outflows spiking.

The Block's statistics show a drop in daily revenues from $72 million in April to $28 million by Thursday.

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