F2Pool Identifies Profitable Bitcoin Miners Amid Price Decline

Following the dip in Bitcoin’s price below $54,000 on July 5 and a 5% reduction in mining difficulty, only devices with an energy efficiency of at least 26 W/TH remained profitable, according to F2Pool.

?‍♂️ Today, the #Bitcoin mining difficulty was reduced by 5%, to 79.50 T.

In the current difficulty epoch, what will profitability be at different price levels? Refer to the table below.

⛏️ With a $BTC price of $54k, ASICs with Unit Power of 26 W/T or less can make a profit. We… pic.twitter.com/b5DmdmMTpo

— f2pool ? (@f2pool_official) July 5, 2024

At the time of writing, the cryptocurrency’s price had recovered to around $55,200. Under these conditions, the list of potentially profitable ASIC miners has expanded, according to the pool’s website.

Leading the rankings is Bitmain’s Antminer S21 XP Hydro. With an energy cost of $0.07 per kWh, the unit generates a daily profit of $11.9, roughly double that of the Antminer S21 Hydro ($6.18) and MicroBT’s flagship Whatsminer M66S ($5.56).

In addition to the latest generation devices, Bitmain’s most powerful miners from the S19 series also remain profitable. For its main competitor, this applies to models like the M53S++ and M56S++.

Canaan’s latest Avalon A1566, introduced in May, offers comparable daily profits. The device slightly surpasses the flagship of the previous series, the A1466I with immersion cooling, at $2.64 compared to $2.14.

Even the Avalon A1366 operates on the edge of profitability, generating $0.35 per day. The release of this model line began in October 2022.

Earlier, CryptoQuant indicated signs of miner capitulation, as cryptocurrency miners began shutting down inefficient equipment and selling reserves.

Glassnode analyst James Check disagreed with these conclusions, although he acknowledged certain challenges within the industry.