Bitcoin’s Hashprice Decline Threatens S19 Pro Miners

  • Sergey Maga
  • 6 July, 2024 15:45
Bitcoin’s Hashprice Decline Threatens S19 Pro Miners

The hashprice of Bitcoin continues to fall, reaching a record low on Friday, putting a wide range of mining equipment at risk of becoming unprofitable. The mining revenue per unit of hashing power dropped to $43.28/PH/s following a broader market sell-off, according to TheMinerMag.

Despite a 5% decrease in mining difficulty on Friday, the hashprice remained under $45/PH/s. This persistent low level could lead to another wave of hashrate capitulation in the coming weeks.

Bitmain’s Antminer S19 Pro, a dominant model since the 2020 halving cycle, incurs a daily hashcost of $43.2/PH/s at an energy rate of $60/MWh and $46.8/PH/s at $65/MWh. The current hashprice threatens operators of S19 Pros with potential gross losses unless their power costs are significantly below $60/MWh.

Even operators using more efficient models like the Antminer S19 XP could be at risk if they face higher energy or hosting costs. For instance, Bitmain’s agreement with Core Scientific includes a hosting fee of $74.5/MWh, resulting in an S19 XP’s hashcost of $39.3/PH/s.

This trend underscores the ongoing financial pressure on Bitcoin miners, particularly those with higher operational costs. Without a significant increase in hashprice, many miners may struggle to maintain profitability, potentially leading to further network decentralization as less efficient operators shut down their equipment.

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