Only 5 Bitcoin Mining ASICs Profitable Below $55K: F2Pool

According to F2Pool, the operator of a bitcoin mining pool, just five ASICs, or bitcoin mining computers, are still profitable at the present price after the cryptocurrency fell below $55,000 on Friday morning.

As per the F2Pool, five ASIC variants are still lucrative today. The break-even pricing of these models ranges from $39,581 to $53,187, suggesting that they are still profitable at the current electricity rates. 

These include the Antminer S21 Hydro with a break-even price of $39,581, the Antminer S21 at $43,292, the Avalon A1466I at $48,240, the Antminer S19 XP Hydro at $51,456, and the Antminer S19 XP at $53,187. 

However, other models are perilously close to being profitable. The Whatsminer M56S++ has a break-even price of $54,424, close to Bitcoin’s current trading price of $54,407. Meanwhile, Bitmain’s Antminer S19k Pro, previously dominant since the 2020 Bitcoin halving, is no longer profitable with a break-even price of $56,898.

The market’s volatility presents serious hurdles for the Bitcoin mining industry, as recent developments have shown. The price of bitcoin has fallen by more than 5% in the last day and 11% in the last week, bringing the hash price down to an all-time low of $44.50 PH/s per day, as per the Hashate Index.

The network hashrate continues to decrease despite a 5% negative difficulty adjustment, dropping more than 12% from 629.44 EH/s in April to 550.25 EH/s at the end of June, then slightly recovering to 586.49 EH/s.

The reduction in hashrate reflects challenges faced by less efficient miners after block subsidies halved from 6.25 BTC to 3.125 BTC. Friday’s negative difficulty adjustment aims to ease the burden, potentially making mining more accessible.

Despite this, miner outflows have spiked, with daily revenues dropping from $72 million in April to $28 million, indicating increased selling pressures and market uncertainties.

These developments highlight the ongoing pressure on Bitcoin miners, as they navigate fluctuating market conditions and operational costs, impacting both their revenue streams and the overall network’s stability.

With Friday’s negative difficulty change, block mining might become a little bit simpler for miners. A Bitcoin’s 27% drop from its March 14 high of $73,836 ends a 427-day streak without a 25% drawdown. This decline was largely caused by miners selling off fresh and reserve Bitcoin.

The Block’s statistics dashboard shows that daily miner revenues fell from $72 million on April 20 to $28 million as of Thursday.

Also Read: Big Tech’s Carbon Footprint Since 2019 Exceeds Total Bitcoin Mining Emissions