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Bitcoin mining equipment older than 2019 reaches shutdown price

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Since Bitcoin has fallen to $22,600, some mining hardware produced in 2019 is no longer profitable and the rest is barely making a positive profit.

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Bitcoin (BTC) mining company Bitdeer has posted a chart on Twitter showing the price limits for each piece of equipment to remain profitable.

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Based on the chart, the Antminer S17+/67, produced in 2019, stopped being profitable as of noon today UTC, when bitcoin fell below $25,000.

BTCUSD chart
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At press time, Bitcoin is trading at $23,437. However, earlier today it fell below $22,000, which temporarily made the Antminer S17+/73T unprofitable as well.

Antminer S19 and Whatsminer M30S+ were produced in 2020, while Antminer S19j was developed in 2021. These machines can withstand an additional 15% loss in the price of bitcoins before they are deemed unprofitable.

The rest of the machines, which were also produced after 2020, could remain profitable with a price loss of up to 30% in bitcoin.

Did the miners foresee this?

Bitcoin miners were selling their profits right after the start of the bear market.

Crypto YouTuber Lark Davis called attention to the sale with his tweet.

Since miners typically hold onto their earnings until the next bull market to sell at a higher price, their selling trend immediately indicated that they were expecting the price of bitcoin to drop even further.

June 6 when Cryptooshala dived deep into this topic, bitcoin was worth $31,331.

Available mining

Countries that are highly dependent on renewable energy are becoming a priority choice for miners due to affordable electricity prices.

Norway is one such country. As of April 2022, Norway offsets 88% of its total energy demand from hydroelectric power. As a result, the country has historically had cheap electricity at prices ranging from $0.03 to $0.05. This would make mining hardware in Norway more susceptible to falling bitcoin prices.

Green mining has been gaining momentum over the past year, partly because miners are looking to cut costs and partly because of the environmental impact.

According to report According to the Bitcoin Mining Council, as of the first quarter of 2022, about 58.4% of bitcoin mining in the world uses sustainable energy sources. This indicates a 59% increase in the use of green energy in bitcoin mining since the first quarter of 2021.

Examples of cheap and environmentally friendly mining appear daily thanks to the statements of public figures. encouragement and private partnerships.





Credit : cryptoslate.com

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