Crypto Liquidations Top $1 Billion: Bitcoin Hits 77-Day Low
Crypto liquidations topped $1 billion in 24 hours as bitcoin hit its lowest price in 77 days. Decrypt, citing CoinGlass, counts $1.05 billion wiped out, with longs at $930 million. crypto.news puts it at $954 million of longs and $127 million of shorts.
What the crypto liquidations show
Decrypt reports $930.04 million of longs and $124.69 million of shorts, so about 88% of the damage hit traders betting on a rise. Bitcoin accounted for $267.20 million, nearly 89% of it long. Ether lost $167.14 million, 81% long.
Bitcoin traded near $75,570 on Friday and touched $74,780.91, its lowest since August 21, per Decrypt. The Fear and Greed Index read 28, close to extreme fear. A week earlier it was neutral.
Sources differ on size. One CoinGlass-based count is $1.08 billion, and another report puts the 24-hour total at $1.26 billion. Altcoin moves also vary by outlet and time window, so we quote only the Decrypt figures above.
Why the crypto liquidations hit now
Decrypt ties the slide to Thursday’s stock rout. The Nasdaq Composite fell 5.52%, its worst session in 19 months, and the S&P 500 lost 4.36%, about $3 trillion of value. It also cites a stronger October jobs report that raised bets on a December Fed rate hike. Decrypt itself warns that stocks and tokens falling together does not prove the equity rout caused bitcoin’s drop.
We covered the first leg in our bitcoin crash piece and the fund side in ETF outflows of $530 million. These crypto liquidations are the leverage flush that followed.
Miner math: what crypto liquidations do to your margin
Here is the live maths on November 7. Bitcoin is $75,919 and the network is 1013 EH/s, so hashprice is about $34.00 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) | -$0.67 | -$3.01 | -$6.13 | 4.1c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.74 | -$1.17 | -$3.71 | 6.2c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.18 | -$0.99 | -$3.87 | 6.6c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $3.74 | $1.22 | -$2.15 | 9.4c |
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.
Decrypt lists support at $73,000 to $72,500 and then $70,000. If bitcoin slips about 8% further: the break-even power price on an S19k Pro falls from 6.2 to 5.7 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.17 to -$1.48.
The blunt answer for miners
At these prices most of the older fleet loses money at 8 cents. Hashrate is near 1013 EH/s per mempool.space, so the S19 and S19k Pro sit below break-even at 8 cents. Only the S21 Pro clears it.
However, crypto liquidations do not change difficulty by itself. It cuts hashprice, and hashprice is your revenue. If you are underwater, selling now beats feeding a machine that loses money each day. See we buy used miners, or compare all miners. Our mining economics posts show the full maths.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.
How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.