Chinese Crypto Mining Firms Selling Equipment by the Kilo

TotalNews1

Total News – Atlanta, GA 11/23/2018. For the past several weeks, Bitcoin prices have plunged to about $4300. Moreover, the whole crypto market have been taking a hit wiping billions in market capitalization over the past few weeks.

Along with the dip, Bitcoin miners have been taken along the ride. Crypto mining has declined due to the drop in profitability. Several reports of Bitcoin miners shutting and China's mining firms were not spared.

According to a tweet by cnLedger, "Tens of thousands of #bitcoin miners were shut down due to the recent market crash, according to the co-founder of F2Pool, one of the largest/oldest mining pools in China."

Bitcoin mining is a big operation in China because of low electricity cost. Despite this, the tweet shown by cnLedger shows mining rigs being dumped in the streets like scrap.

According to 8BTC, F2Pool founder posted a photo stating "at present, miners are sold by kilo." Small and medium-sized miners have been selling their rigs in the second-hand market.

Other miners have been trying hard to offload their older mining models, including Antminer S7, Antminer T9, and Avalon A741, as these have reached their "shutdown price." However, a mining rig is only worth a twentieth of what it was the same time last year.

As reported yesterday, one of the biggest casualties in the mining space is the U.S.-based mining firm Giga Watt. Giga Watt filed for bankruptcy claiming that the firm is "insolvent and unable to pay its debts when due."

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