Bitcoin, mining at a standstill due to the crypto crisis

ASICs about to crash – The return of the price of Bitcoin (BTC) at $20,000 would negatively impact its hash rate. Some mining machines could be asked stopped if the bulls fail to regain key levels.

Antminer: first victim of a $20,000 Bitcoin

machinery ASICs would not more profitable after this Bitcoin price crash, June 13, 2022.

Given the current context, mining platform Bitdeer a “Stop price list” theoretically per machine. These prices are based on the cost of daily electricity consumption and profit over 24 hours.

Bitdeer Stop Price List – Source: Twitter

Normally, when the price of Bitcoin falls below these stop prices, miners would have to shut down certain machiness “lack of profitability”. So what are the miners that should stop working given the Bitcoin price today? The cryptocurrency price is currently at $20,725.

In this case the Antminer S17+/73T and S17+/67 would not more profitable in this stadium. In fact, their stop prices are $22,065 and $25,085, respectively.

>> No need to mine to get bitcoin! Embark on the FTX benchmark platform (affiliate link) <

A $10,000 bloodbath: everyone will go through it

The other machines mentioned in Bitdeer’s list are currently profitable. However, the Antminer S19 and S19j as well as Whatsminer M30S+ and M30S++ could be the next victims of the bears.

Their stop prices are above $17,000. However, forecasts based on the magnitude of the declines in March 2020 after the logarithmic channel break defend this probability from a fall of Bitcoin price at $17,000.

Should such a scenario occur, only the Antminer S19 Pro and XP would still be profitable. These 2 mining machines are not out of danger. Their stop prices range from $11,000 to $17,000. However, some traders are not ruling out the possibility of a drop Bitcoin in the $8,000 to $10,000 range.

Bitcoin Mining: Stop the Machines, But Don’t Surrender

These possible standstills of the mining machines are in contrast to the supposed ones current lack of surrender in the area.

The Hash Ribbons indicator shows that miners don’t have any not yet sold massively their bitcoins. Created by Capriole CEO Charles Edwards, this indicator is based on the 30 and 60 day moving average of the hash rate.

So far, this 30-day moving average has not exceeded the 60-day moving average. So without such a crossing, miners would continue to hold their own keep their bitcoinsdespite significant price declines in cryptocurrencies.

However, it is necessary be careful when interpreting all these theoretical indicators. These metrics do not necessarily reflect reality. If that were the case, miners hoarding their bitcoins while stopping the machines would simply be a Paradoxically difficult to explain.

This scenarios appear in Bitdeer’s list when all machines are shut down “too disastrous” be realistic. But with one Fed hikes interest rates in favor of the dollar and at the expense of risky assets and in the event of a possible default by a major crypto player, even the most extreme patterns can be realized.

Mining is for experts! Do you prefer a less technical approach? Start earning and trading your first bitcoins by registering on the FTX reference platform and get a lifetime discount on your trading fees (affiliate link).

Leave a Comment