Bitcoin price at the time of writing is $7290, is a very low price for bitcoin miners. Many miners that calculate complex code for btc may see themselves becoming unprofitable. $10000 USD per btc seems to be the sweetspot for mining bitcoin and generating a profit. Whereas $6500 per btc is the rock bottom price for bitcoin mining.
If bitcoin prices continue to fall, this could cement the industrial lead sector leading bitcoin mining. As the running cost increase for the everyday enthusiast will not be sustainable. As of the moment industrial bitcoin miners such as bitfury and bitmain hold 20 to 30% market share and if these companies start selling btc to offset operating costs this could deflate the market and prices resulting in more smaller mining companies dropping out and allowing the remaining companies using their hash rate to control and dictate the market.
We need a healthy btc of $10 000 to allow btc to thrive and miners to keep profitable. Many smaller miners are already struggling desperately trying to cut costs by relocating to locations such as Missouri where buildings abandoned factories and car dealerships can be had for as little as $1 a square foot. Electricity costs between $3,224 and $9,000 to mine a single Bitcoin.
