Bitcoin Price Drops Below $8k Mark affecting Top Mining Pools

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

Bitcoin Price Drops Below $8k Mark affecting Top Mining Pools

  • Bitcoin price had surged over the $8000 mark on January 8, 2020, in response to geopolitical tensions between the USA and Iran.
  • The top mining pools released their operational data about the computational power and the profit per unit.

Bitcoin price had surged over the $8000 mark on January 8, 2020, in response to geopolitical tensions between the USA and Iran, reaching a high of $8400 during the early trading hours.

This didn’t last for too long as current BTC prices dipped back below $8k and is currently sitting at $7,800. As the prices of bitcoin fell again, the computing power of the top mining pools decreased slightly.

Mining Pools in the cryptocurrency world is a congregation of miners contributing they compute resources to perform a portion of the mining and then split the reward equally amongst the participant miners upon the submission of a partial proof-of-work.

This computation power splitting is very necessary for efficient mining since the cryptographic hashes in bitcoin have gotten stronger to a level where solving them would take centuries by single miners alone.

The top mining pools released their operational data about the computational power and the profit per unit that they are generating in the event of the bitcoin price drop.

Compute Power and Income

  • F2Pool

The placements of the bitcoin miners and the currencies with the highest net profit per unit are listed. F2Pool lists, the BTC mining revenue of “Shenma M30S” at the top when the electricity price is at $0.05. The “Ant S17+” trains behind with a daily net profit of $7.11.

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  • Poolin

“Shenma M30S” takes the leading position when the electricity prices are at $0.05, with a daily net profit of $9.00 and the “Shenma M20S+ / 78T” is in second place with a net profit of $7.42.

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  • BTC.com

The average mining unit profit reported being $0.1377.
Note: Unit prices are USD per TH/s per day; Unit costs include but are not limited to electricity costs; Unit Net Income = Theoretical Unit mining income-unit costs-management fees; Return Cycle = Price per T/net income per unit.

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Shutdown Warnings

According to Poolin mining data, there are 12 miners of a total 87 that have reached the shutdown price and three miners who are at near risk of reaching shut down. Shutdown risk threshold: Current BTC Price $7976.51 – $700 = $7276.51

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Network Data

The data provided from BTC.com suggest that the top three mining pools of bitcoin compute power are F2Pool, Poolin, and BTC.com and their current mining calculate lies at 16.99%, 16.56%, and 11.76% respectively.

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BitInfoCharts for January 8 conveys that the current Bitcoin network miner unit revenue fluctuations show a miner unit revenue of $0.1300 an a decline of $0.0060 relative to the previous day, a decrease of 4.58%.

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Bitnodes data suggest that the global distribution of BTC had the United States at the lead with 2394 nodes (21.97%) and Germany trailing behind with 1866 nodes (17.13%).

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