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As Bitcoin Bellyflops to $54K Only Five Mining Rigs Remain Profitable, Says F2Pool

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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Only five mining rigs remain profitable as bitcoin prices dropped below $58,000, potentially signaling a local bottom for the market.

F2Pool’s graph shows four of Antminer’s various rigs and one Avalon rig that are profitable as long as prices are above $53,100. All other miners are now costing more to run than the rewards received by operators. Miners were a major source of bitcoin selling pressure in June with over $1 billion worth of BTC sold over two weeks as prices ranged between the $65,000 and $70,000 levels,

 

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