The leading cryptocurrency bitcoin once fell below $4,300 on the afternoon of November 20 – down more than 17% on a 24-hour basis and hitting a 13-month low since October 2017. Great losses are seen across the broader crypto market.
Many miners in China have shut down their mining machines especially their older models amid the red chaos, for the earnings from mining cannot cover electricity cost. Older mining models, including Antminer S7, T9 and Avalon A741, have already reached the “shutdown price” (the critical BTC price below which miners have to be shut down for lack of profitability), according to F2Pool, one of the largest mining pools based in China.
Some small and medium-sized mines located in China’s Xinjiang and Inner Mongolia have reportedly been selling their miners in the second-hand market to end this. Ironically, a mining rig is only worth one twentieth of what it was the same time last year.
Mining machines sold on a second-hand market priced from 100 yuan to 1,600 yuan (roughly $15-$200)
However, it is still difficult to sell these specialized machines even at such prices. As a Reddit user commented,
“Almost no one, with good reason, is willing to buy secondhand fans and PSUs from miners. I wouldn’t buy parts from a mining rig even at an 80% discount.”
Bitcoin price has kept falling since the BCH Hashwar, while power supply shortage as a result of the current dry season in Sichuan and other miner-preferred places makes it even worse for crypto mining.
BRUTAL: this is what’s happening now in a China based mining site ….
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