Bitcoin Miners Maintain May Hashrate Levels Despite Running Operational Losses
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Reports show that Bitcoin’s hashrate fluctuated between 180 exahash per second EH/s and 261 EH/s over the last seven days, with a weekly average of about 212.6 EH/s. This comes after Bitcoin hit a new yearly low at $17.5K on June 18. However, the price has managed to climb back to the $19K mark.
As of May 27, BTC miners using Bitmain Antminer Pro devices, which deliver about 110 terahash per second (TH/s) of mining power and pay $0.12 per kilowatt-hour (kWh), could average about $4.63 per day. Today, it’s a grimmer picture as the same Antminer Pro machines with an electricity cost of $0.12 per kWh lose $0.23 per day to keep operations up.
Around that same period, the network hashrate coasted around 212.98 EH/s, with 448 blocks getting discovered every three days. In the last three days leading up to July 1, BTC miners discovered 455 blocks, signaling that miners are operating at a similar level seen in May despite a stark difference in daily earning potentials.
Key Bitcoin Levels to Watch — July 3
Bitcoin continues to drag along the $19K base as sellers gear up to push prices lower, possibly to the $17K low. However, a good defense of the $19K support in the coming week should stall any bearish dumps.
As I’ve stressed in the past, technical levels are currently playing second fiddle to the fundamentals and macroeconomic factors, infusing more volatility and uncertainty into the markets.
Meanwhile, my resistance levels are at $20,000, $21,000, and $22,000, and my key support levels are at $18,000, $17,500, and $17,000.
Total Market Capitalization: $865.4 billion
Bitcoin Market Capitalization: $365.3 billion
Bitcoin Dominance: 42.2%
Market Rank: #1
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