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Bitcoin (BTC) Mining Worldwide in Danger with Price Below $8,000, Here's Why

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Mon, 03/09/2020 - 11:24
Vladislav Sopov
Two months prior to the Bitcoin (BTC) halving, the F2 Miners pool reports that the profitability of Bitcoin (BTC) mining on many ASICs is at risk. Will miners capitulate?
Cover image via www.shutterstock.com
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With the tremendous Bitcoin (BTC) price drop that was caused yesterday by the movement of Plustoken scam funds, operations on some mining rigs may become unprofitable very soon.

No live below $8,000

As noticed by F2 Pool analysts, the Bitcoin (BTC) price level of $8,000 may be critical for operators of numerous mining devices. For example, Antminer T9+ and Ebit 9.3 are already out of the game.

Image by F2 Pool

F2 Pool's calculations are based on assumed $0.05/kWh electricity costs. As a result, all models of ASICs with a hashrate between 10 and 20 Th/s may start bringing losses to the miners very soon.

The most popular ASIC at risk is a legendary Antmainer S9 by Bitmain, utilized by hundreds of thousands of miners. With its 13Th/s, it is to become unprofitable if the Bitcoin (BTC) price breaks down below $7,845 which doesn't seem impossible at all.

Hard times for Proof-of-Work

Things may get even worse after the next Bitcoin (BTC) network adjustment coming today with a current estimate of a +7% increase. This drama may draw attention to the recently announced Bitmain Antminer S19 and S19 Pro with unmatched hashrates of 95 TH/s and 110 TH/s respectively.

Related
Bitmain Teases New Generation of ASICs, Antminer S19, Ten Weeks Before Bitcoin (BTC) Halving

Unfortunately, it's not the first time in roaring 2020 when miner profits have been in danger. As reported by U.Today, Antminer E3 is ceasing Ethereum Classic (ETC) mining with only three weeks left for Ethereum (ETH) mining. This is occurring due to the increase of Directed Acyclic Graph file volume that can't be processed by the DDR capacity of Antminer E3.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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