Mining Pool F2Pool Reveals Necessary Crypto Prices to Maintain Its Operations Profitable
F2Pool, one of the largest cryptocurrency mining pools in the world, has recently revealed how low cryptocurrencies can go before mining them starts becoming unprofitable. Notably, in the data it provided, it’s possible to see some mining hardware is no longer usable.
According to a post published by Shixing Mao, the co-founder and CEO of F2Pool, most cryptocurrencies the pool mines can still go down in price before the most advanced cryptocurrency mining hardware stops being profitable.
In the post, F2Pool reveals Bitmain’s Antminer S9 will profitably mine bitcoin, the flagship cryptocurrency, until its price drops to about 30,262 yuan ($4,420). The Antminer S7, on the other hand, would now only be profitable if BTC surged to 79,258 yuan ($11,580).
Bitcoin has notably seen its price drop during a months-long bearish trend, from a near $20,000 all-time high in mid-December to about $6,440 at press time. This week, the cryptocurrency dropped from about $7,400 after a mysterious whale moved over $100 million to exchanges.
As CryptoGlobe covered two renowned traders have recently argued bitcoin will bottom out at $6,000 thanks to its mining costs. As for litecoin, F2Pool revealed it’ll be able to profitably mine the cryptocurrency using its A4+ miner until it drops to $34.19. LTC is, at press time, trading at $56.4.
To mak a profit mining ETH, the second-largest cryptocurrency by market cap, it’s price will need to stay above $116.9. It’s at press time trading at $215.6, a low it hadn’t seen for well over a year.
BTC.com, the world’s largest bitcoin mining pool, has as recently covered decided to launch an ETH mining operation, which is expected to have up to 12% of the cryptocurrency’s total hashrate in 12 months.
It’s becoming increasingly hard to profitably mine cryptocurrencies as their prices have been dropping, while their total hashrate has seemingly been surging. According to Blockchain.info, BTC’s hashrate surged from 8 exahash to little over 53 in only 12 months. Per Mao’s post, it’s no longer profitable for the mining pool to mine dash, siacoin (SC), or bytom (BTM).