As Bitcoin recently retreated to around $62,000, on-chain activity has slowed, and Bitcoin miner profits have fallen to a record low, sparking market concerns over potential selling pressure. Data from the Luxor Hashrate Index shows that on Tuesday, the estimated daily mining revenue per TH/s has plummeted to a historic low of $0.028 (from $0.039 last month); for example, using the Antminer S21 XP Hydro (with electricity costs calculated at $0.07 per kWh), its estimated monthly gross profit has decreased from $192 last month to $137. Data from Glassnode indicates that since early May, the 14-day average net position change of miner and mining pool addresses has continued to turn negative. (Cointelegraph)

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PatchNotes
· 5h ago
With such low miner profits, will some old mining machines shut down directly?
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LittleBitcoinInTheReflection
· 5h ago
$0.028 per T per day, this revenue probably can't cover the electricity costs, feels like a batch of miners won't make it through this cycle.
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