Major Bitcoin Miners Face Shutdown Risk If BTC Falls Below $70,000
BeInCrypto
Bitcoin miners may face shutdowns if the price of BTC falls below $70,000, potentially amplifying market downside due to forced selling.Summary
Bitcoin's recent price drop is significant as it approaches a level that impacts miner profitability. Around $70,000, the market shifts to one where miner behavior and potential forced selling become crucial. Many Antminer S21-series machines have shutdown prices between $69,000 and $74,000, meaning operations become unprofitable below this range. While a shutdown price isn't a guaranteed price floor, it marks a zone where miner behavior changes. If Bitcoin stays below $70,000, weaker miners may sell BTC reserves, reduce hashrate, and contribute to negative sentiment, potentially exacerbating a downturn, especially when combined with existing liquidity stress and ETF outflows.
(Source：BeInCrypto)