Bitcoin Falls Below $77,000 as Chip Rout Hits Before Midterms
Bitcoin fell below $77,000 on Tuesday, November 3, about 2% lower in Asian morning trading, and erased Monday’s bounce. Per CoinDesk, it traded under the roughly $77,600 low it hit late Sunday.
Why bitcoin fell below $77,000
The trigger was stocks, not crypto. CoinDesk says a gauge of U.S. chipmakers extended a three-day slide to 12%, and the Nasdaq 100 is down 10% from its peak. Meanwhile, South Korea’s Kospi fell more than 3%. Americans vote in the midterms today, and first results land as Asian markets open on Wednesday.
Other coins fell too. For example, CoinDesk lists ether just above $2,250, solana near $92 and BNB under $700. XRP was nearly flat at $1.25.
ETF outflows and the weekly picture
First, money was already leaving. CoinCentral, citing SoSoValue data relayed by Wu Blockchain, reports $399 million of net outflows from U.S. spot bitcoin ETFs on November 2 and $140 million from ether funds. Also, the Friday before saw $643.3 million leave, the largest single-day withdrawal in four months.
Analyst Ted Pillows says bitcoin has closed four weeks in a row in red. That is his claim on X, and we have not verified it. However, the same report ties the weakness to the chip sell-off and to the Binance hack, where Binance says it has covered $6 billion of the $6.3 billion loss. In addition, one outlet cautions that the midterms alone do not explain the drop.
Earlier coverage: the crypto week ahead and the Arbitrum council move. Our daily view is on the bitcoin price prediction page.
Miner math: what bitcoin under $77,000 does to your margin
Here is the live maths on November 3. Bitcoin is $76,479 and the network is 1036 EH/s, so hashprice is about $33.42 per petahash per day. That is what one PH/s of hashing earns before power.
| Machine | 5c/kWh | 8c/kWh | 12c/kWh | Break-even |
|---|---|---|---|---|
| Antminer S19 (95 TH/s, 3250 W) | -$0.73 | -$3.07 | -$6.19 | 4.1c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.67 | -$1.24 | -$3.77 | 6.1c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.10 | -$1.07 | -$3.96 | 6.5c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $3.61 | $1.08 | -$2.29 | 9.3c |
Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.
If bitcoin slides another 5%: the break-even power price on an S19k Pro falls from 6.1 to 5.8 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.24 to -$1.43.
The blunt answer for miners
A lower price squeezes margin one for one, because the block reward and difficulty do not move with it. Hashrate sits near 1036 EH/s per mempool.space. So read the table above against your own power price. If your machine is already under water at today’s price, a further 5% drop makes it worse, and waiting costs money each day.
If that is you, see our we buy used miners page or the mining economics guides.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.