CoinWorld reports:
On July 5th, Bitcoin dropped below $54,000, falling over 6% in the past 24 hours due to increased bearish pressure. The early cryptocurrency exchange Mt. Gox, which went bankrupt over a decade ago, has begun reimbursing clients after a lengthy bankruptcy process, exacerbating market downturns.
Recent economic downturns have rendered several Bitcoin mining machines unprofitable. According to the latest data from f2pool, when Bitcoin prices fell below $56,000, only six mining machines remained profitable. These machines include the Antminer models S21-Hydr, S21, A1466I, S19XP-Hyd, S19XP, and Whatsminer M56S++.
Data indicates that ASICs operating below 23 watts per terahash are running at a loss, assuming an electricity cost of $0.08 per kilowatt-hour.
Significantly, miners contributed substantially to Bitcoin’s selling pressure, disposing of over $1 billion worth of crypto assets when prices fluctuated between $65,000 and $70,000. Some market analysts believe current non-profitability among miners may signal a local bottom, as reduced profitability could alleviate selling pressure.
Experts further note signs of miner capitulation, characterized by miners ceasing operations or selling parts of their BTC reserves. Historically, such periods have coincided with Bitcoin price bottoms, often preceding upward trends in this asset.
