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Over 50% Electric Cost, Most Crypto Miners Reach “Shutdown Price” as Bitcoin Broke $6000

Bitcoin has succumbed to a staggering market sell-off with a 22% move to the downside with price sliding below the $5500 level of support in the afternoon on March 12. Panic has certainly crept into all global capital markets, with Bitcoin price targets beginning to emerge at $4,850.

According to Poolin’s data, at present, the hashrate is 115.71 EH/s. If the electric charge is about 0.35 Chinese yuan, the old-generation S9 miner will not cover the cost. The electric charges of Antminer T17, Whatsminer M20 and Innosilicon T3 series are all close to 90%, reaching ‘shutdown price.

In addition, the electric charge of the new-generation Ant S19 series and Whatsminer M30 series has accounted for more than 50%, among which the daily net income of ant S19 Pro is about 29.64 Chinese yuan, and the daily net income of Shenma m30s is about 30.46 yuan. If other operation and maintenance costs of the mining farm are considered, the profits will be lessened. The theoretical profits of the above-mentioned mining machines when mining BCH or BSV is almost the same as that of BTC.

“There’s nothing to panic about. The last bull market started with 45% declines for three times. Bitcoin’s price fell from $10500 to $5720, 45.5% decline, which corresponds to the dump from $3350 to $1851 (44.7%) during the last bull. The reason for the fall is that the bear market panic is still there. We can only use OTC leverage, not exchange leverage.”

Said Jiang Zhuoer founder of BTC.top, crypto mining is exactly the “OTC leverage” he referred. But if cryptocurrency prices continue to fall, the largest victim is not the holders, but the miners.

If the price of the bitcoin keep still as its profit was half -cut, most of the mining machines may enter into a dilemma. Of course, mining is a process of dynamic balance, low-powered miners with high computing power can still survive.

The shutdown of a large number of old mining machines may indeed lead to the short-term decline of the hashrate, but the response of miners is generally not so fast. As Zhu Fa, COO of Poolin said, it’s normal not to produce a block in an hour, because it’s a random event, which has little to do with the reduction of computing power. Now the block output interval of bitcoin network has returned to normal.

However, the data shows that the average computing power of bitcoin in the last day is 107.25EH/s, down 6.8% compared with the average computing power in the last seven days. According to the computing power of 13.5T of Antminer S9, 600000 S9 miners will shut down recently.

Recalling that at this moment on March 9, the difficulty of Bitcoin mining was adjusted to 16.55 T, which is 6.88% higher than that on February 25. It is predicted that the difficulty will continue to increase by 7.03% to 17.72 T next time. Unexpectedly, in just a few days, the price of Bitcoin encountered Waterloo.

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