Old Bitcoin mining rigs risk 'shutdown' after BTC price slips under $24K
Older Bitcoin (BTC) mining rigs are finding it difficult to generate positive revenues during the ongoing crypto market decline.
The profitability of many Application Specific Integrated Circuit (ASIC) machines has dropped into the negative zone after Bitcoin's fall below $24,000 this June 13, data fetched by F2Pool shows. Those machines include Antminer S11 and AvalonMiner 921, which are now close to their "shutdown price."
For your information, we publish the latest list of the Shutdown Price below which crypto mining machines in this chart will have to be shut down for lack of profitability. pic.twitter.com/qxGtLjJI9l
Notably, Bitmain's Antminer S11 offers a maximum hash rate of 20.5 Terra-hash per second (TH/s)for a power consumption of 1,530 watts.
The cost of running an Antiminer 211 is 0.13 kilowatts per hour (KW/h) based on the global average electricity cost. As a result, it would consume around $4.5 worth of power every day versus the roughly $2 income in the same period, according to data gathered by ASIC Miner Value.
Similarly, the cost of running Canaan's AvalonMiner 921 comes to be around $5 per day compared to its income of over $2 in the same period.
Overall, Bitcoin miners' earnings have dropped from $0.412 per TH/s/day in October 2021 to $0.11 per TH/s/day in June 2022, according to the "Bitcoin Hashprice Index" — a 75% decline in eight months.
The losses coincided with a sharp decline in the Bitcoin mining hash rate in the last seven days — from an all-time high of 239.15 exa-hash per second (EH/s) on June 6 to 189.72 EH/s on June 13, according to data from CoinWarz.
This suggests that miners are limiting their BTC production capacity by theoretically shutting down unprofitable mining rigs and may continue
Read more on cointelegraph.com
