Only Five Mining Rigs Remain Profitable as Bitcoin Prices Drop Below $58,000, Potentially Signaling a Local Bottom
As bitcoin prices fell below $58,000, only five mining rigs remain profitable, potentially indicating a local market bottom. Miners, who provide computing power to blockchain networks, are facing high operational costs. F2Pool's graph shows that only four of Antminer's rigs and one Avalon rig are profitable as long as prices are above $53,100, while all other miners are costing more to operate than the rewards received. Some market observers suggest that miners' unprofitability could signal a local bottom, as there is less selling pressure.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
CandyBomb x RAVE: Trade futures to share 200,000 RAVE!
Bitget TradFi: Trade gold, forex, and more assets in one account
CandyBomb x US: Trade to share 5,400,000 US
[Initial Listing] Bitget to list Almanak (ALMANAK). Grab a share of 4,200,000 ALMANAK
