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According to Cryptoslate, the ongoing market slump caused by the FTX fallout hasn’t left Bitcoin miners unscathed. The market has seen the biggest one-day miner selling pressure since January 2021, and data analyzed by CryptoSlate shows that the selling pressure shows no signs of stopping. In November 2022, the average hash price reached $0.05. Bitcoin’s current $17,500 levels make mining borderline unprofitable not just for small miners, but for large operations as well. The addition of tens of thousands of new ASIC miners to the market in the past year put even the largest mining operations deep in the red, with few expecting such a sharp increase in hash price. At around $9,000 per machine, the newest Bitmain S19Pro ASIC miner has a payback period of 1,500 days at an average hash price of $0.06.

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【Crypto market sees biggest miner selling pressure since January 2021】According to Cryptoslate, the ongoing market slump caused by the FTX fallout hasn’t left Bitcoin miners unscathed. The market has seen the biggest one-day miner selling pressure since January 2021, and data analyzed by CryptoSlate shows that the selling pressure shows no signs of stopping. In November 2022, the average hash price reached $0.05. Bitcoin’s current $17,500 levels make mining borderline unprofitable not just for small miners, but for large operations as well. The addition of tens of thousands of new ASIC miners to the market in the past year put even the largest mining operations deep in the red, with few expecting such a sharp increase in hash price. At around $9,000 per machine, the newest Bitmain S19Pro ASIC miner has a payback period of 1,500 days at an average hash price of $0.06.

Crypto market sees biggest miner selling pressure since January 2021

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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