The post Most Bitcoin Mining Rigs Now Unprofitable Amid BTC Price Dip appeared on BitcoinEthereumNews.com.

According to insights from a graph shared by mining giant F2Pool, most Bitcoin mining rigs are now unprofitable and only about five mining rigs are still recording gains from their operators.  Bitcoin has dropped below the 200-day Simple Moving Average (SMA). Usually, when the market trades below the 200-day SMA constantly, it is assumed to be following a downtrend pattern. Bitcoin (BTC)  price has seen intense selling pressure this week, contributing to its fall to levels last seen a few months ago.  The flagship cryptocurrency went below $54,000 recently, causing investors to feel jitters. At the time of this writing, BTC was trading at $54,266.04 with a 7.85% drop within the last 24 hours. The persistent fall of Bitcoin price has once again pushed many mining rigs out of profit. Antminer And Avalon Bitcoin Mining Rigs in Profit According to insights from a graph shared by mining giant F2Pool, only about five mining rigs are still recording gains from their operators.  Precisely, the graph showed that four of Antminer’s various rigs and one Avalon rig are profitable. However, they remain so for as long as prices are above $53,100. “At a rate of $0.08/kWh, ASICs less efficient than 23 W/T operate at a loss,” F2Pool said in a graph. Other mining rigs are at a loss because their running costs far outweigh their operators’ earnings in the form of rewards.  Notably, as entities that supply computing power to different blockchain networks, miners are entitled to “rewards” as incentives for their service.  Once they receive these rewards, which usually come as BTC, they then sell them off to cover their operational cost. Meanwhile, mining operational costs like electricity bills are relatively expensive and have caused many mining facilities to file for bankruptcy in the past years. Miners contributed significantly to the…

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Filed under: News - @ July 6, 2024 8:26 am