The FTX bankruptcy sparked a persistent market downturn. The market has experienced its biggest one-day miner selling pressure since January 2021, with the average hash price hitting $0.05 in November 2022, according to data analyzed by CryptoSlate.
Bitcoin’s current price of $17,500 makes mining unprofitable not only for small miners, but also for larger ones.
Around $9000 per Bitcoin miner, the latest Bitmain S19Pro ASIC miner has a 1500-day payback period and an average hash price of $0.06.
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