Mining Pool F2Pool Reveals Necessary Crypto Prices to Maintain Its Operations Profitable

  • F2Pool's CEO recently revealed the pool will still be able to profitably mine BTC until it drops below $4,500.
  • Through a post, the CEO revealed it's no longer profitable for it to mine with some outdated hardware.

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.

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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).

Time to Be ‘Cautious or Short' Bitcoin, Says Bollinger Bands Creator

Francisco Memoria

John Bollinger, creator of the popular technical analysis tool Bollinger Bands, has tweeted out it’s time to be “cautious or short” on the price of bitcoin, after the cryptocurrency’s price dipped below $10,000 for the third time since the so-called black Thursday.

On social media, Bollinger pointed out that bitcoin’s last move p over the $10,000 mark, which came shortly after U.S. President Donald Trump finished a speech on law and order in which he vowed to take “immediate presidential action to stop the violence” and said he was “mobilizing all available federal resources — civilian and military — to stop the rioting and looting,” was a head-fake.

A head-fake, Investopedia writes, occurs when the price of a security moves in one direction initially, but then reverses its course and moves in the opposite direction. These trades occur most frequently at key breakout points – for bitcoin, a key point was the $10,000 mark.

The price of the cryptocurrency dropped suddenly after breaking its key breakout level earlier this month over a flash crash on BitMEX that saw its price dip to $8,600 before it started recovering. CryptoCompare data shows that bitcoin is now trading above $9,600, but that since the March 12 coronavirus-induced market crash it has tested the $10,000 mark three times already.

Bollinger, it’s worth noting, has a decent track record looking at cryptocurrencies. In October 2019 the analyst accurately said the price of BTC dropping to $7,300 was a head-fake, and the price of the cryptocurrency then moved up in a significant rally to $9,500.

In April of this year, Bollinger tweeted out BTC was “moving into squeeze territory,” shortly before the cryptocurrency’s price started surging. He was, however, caught off guard by the Black Thursday sell-off, as were most investors and analysts.

It’s worth noting many in the cryptocurrency space are still bullish long-term. As reported early BTC developer Adam Back – who some believe could be Bitcoin creator Satoshi Nakamoto – has said he believes the price of the cryptocurrency will hit $300,000.

Featured image via Unsplash.