Bitcoin, mining stopped due to the cryptocurrency crisis

ASIC on the verge of falling – The refund of the price of the Bitcoin (BTC) at $ 20,000 it would have a negative impact on its hash rate. Some mining machinery could be put stopped if the bulls fail to regain key levels.

Antminer: first victims of a $ 20,000 bitcoin

Cars ASIC it wouldn’t more profitable following the Collapse of bitcoin prices, June 13, 2022.

Given the current context, the Bitdeer mining platform released a “stop price list” theoretical for machine. These prices are based on the cost of daily electricity consumption and 24 hour profit.

Bitdeer Stop Price List – Source: Twitter

If Bitcoin’s price falls below these stop prices, miners would normally have to disconnect certain machiness “due to lack of profitability”. So which are the miners who should no longer work today given the price of Bitcoin? The price of the cryptocurrency is currently at $ 20,725.

In this case, the Antminer S17 + / 73T and S17 + / 67 it wouldn’t more profitable In this sentence. In fact, their stop prices stand at $ 22,065 and $ 25,085 respectively.

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A $ 10,000 bloodbath – everyone will pass it

The other machines mentioned in Bitdeer’s list are, for the moment, profitable. in any case, the Antminer S19 and S19j as well as Whatsminer M30S + and M30S ++ could be the bear’s next victims.

Their stop prices are over $ 17,000. However, the forecast based on the magnitude of the March 2020 downside following the break of the logarithmic channel, defends the possibility from a fall of Bitcoin price at $ 17,000.

If such a scenario were to materialize, only the Antminer S19 Pro and XP it would therefore still be profitable. These 2 mining machines are not out of danger. Their stop prices are between $ 11,000 and $ 17,000. However, some traders do not rule out the possibility of a downside Bitcoin in the $ 8,000-10,000 zone.

Bitcoin mining: stop the machines, but no capitulation

These possible stoppages of the mining machines contrast with the alleged current lack of capitulation in the area.

The Hash Ribbons indicator shows that miners don’t have not yet massively sold their bitcoins. This indicator created by Capriole CEO Charles Edwards 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. In the absence of such a crossing, the miners would then continue to hold their own, in keeping their bitcoinsdespite significant drops in the price of the cryptocurrency.

However, it is necessary be careful in the interpretation of all these theoretical indicators. These metrics don’t necessarily reflect reality. If that were the case, the miners who hoard their bitcoins, while stopping the machines, would simply be a paradox difficult to explain.

These scenarios on shutting down all the machines in the Bitdeer list appear “Too catastrophic” be realistic. But with a Fed raising interest rates to the advantage of the dollar and to the detriment of risky assets, and in the event of a possible failure of a major crypto player, even the most extreme schemes can be implemented.

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