The recent plummet in Bitcoin (CRYPTO:BTC) prices to $53,000 has severely impacted cryptocurrency miners, with only five mining companies remaining profitable, as reported by F2Pool.

According to F2Pool's analysis, mining facilities with electricity costs above $0.08 per kilowatt-hour (kWh) and ASICs operating above 23 watts per terahash (W/T) are operating at a loss.

Specifically, only four Antminer machines and one Avalon machine remain profitable as long as Bitcoin stays above $53,100.

High operational costs have forced miners to sell significant amounts of Bitcoin, intensifying selling pressure during price declines.

In June alone, miners sold over $1 billion worth of Bitcoin within a span of two weeks, contributing further to the downward pressure on BTC prices.