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

As Bitcoin tumbles to $54K, only five mining rigs are able to remain profitable, according to F2Pool. This suggests that the market may be reaching a local bottom. Miners, who provide computational power to blockchain networks, are facing significant operational costs. F2Pool’s graph reveals that four of Antminer’s rigs and one Avalon rig are still profitable as long as Bitcoin prices remain above $53,100. All other miners are now experiencing higher operational costs than the rewards they receive. This situation has led to some miners selling off their Bitcoin, adding to the selling pressure in the market. However, this unprofitability among miners could also indicate a potential local bottom, as there is less selling pressure. Market observers believe that Bitcoin miners are on the verge of capitulation, with the break-even point for S19 rigs set at $52K. This presents a favorable setup for a local bottom, according to Dovey Wan, a partner at crypto fund Primitive Crypto.