[2024-07-05] Bitcoin Price Drop Affects Mining Profitability

[CoinTürk]

Bitcoin (BTC) price recently fell below $55,000, impacting the cryptocurrency mining world significantly. According to data from mining giant F2Pool, very few mining devices managed to remain profitable during this challenging market period. This situation potentially signals a market bottom and suggests a price recovery might be near.

Read the full article here: https://en.coin-turk.com/bitcoin-price-drop-affects-mining-profitability/

[Oshosondy]

Bitcoin price has even fall further. The price now is $54300. It is possible that the price might decrease below $50000 soon. But like I said before, that the price will see a strong support at $50000. I am expecting more people to first buy back around that price and which will push the price higher.

As for miners, the miners that see it not profitable will leave mining for some time until the price increases. It is possible that bitcoin mining hashrate may fall but it happens like that sometimes and it will increase back. The price of bitcoin will also increase back.