The hashrate of bitcoin sharply fell down to over 50% in the last few days from 62 quintillions to 34 quintillions. The following hashrate was earlier experienced in 2005 and as the prices started to rise, the hashrate never came so down. Now as bitcoin broke the $5000 support level, the hashrate has fallen down massively.
ASIC Miners being sold by ‘Kilo’ system in China
China, the biggest exporter of ASIC miners is now selling the machine at the price by ‘kilo’ or ‘kg’. The founder of F2Pool, a bitcoin mining giant in China said that the sudden crash of bitcoin has led to thousands of mining companies to shut down.
Bitcoin Mining Unprofitable
The falling price and increased electricity cost have led to ZERO PROFITABILITY in terms of bitcoin mining. Mining companies are backing out and moving toward other businesses.
Canaan, a mining company which was going to go public in a few days and were hoping for massive investments had to lapse their Public Offering suddenly due to the market collapse.
Giga Watt files for Bankruptcy
Giga Watt, a mining farm was recently filed for bankruptcy. The company owes nearly 7$ million to creditors and over $1 million for electricity bills. The firm filed for Chapter 11 protection in Washington bankruptcy court declaring that the company is insolvent and unable to pay its debts. The company was founded in early 2012 by an ex Microsoft employee who started following bitcoin back in 2010.
With the falling prices and miners backing out, is bitcoin going to fall even more? Tell us your thoughts in the comments section below.
[…] post Bitcoin Hashrate falls massively, ASIC Miners being sold at waste price appeared first on […]
[…] Coinnounce notes that in the last few days that hashrate of bitcoin, that is an amount reflecting the level of bitcoin mining, has fallen by over 50 percent from 62 quintillions to 34 quintillions. Lower levels of mining show decreasing demand for bitcoin and in a somewhat vicious cycle, that in itself drives the price further down. […]
[…] Coinnounce noted that in the last few days that hashrate of bitcoin, an amount reflecting the level of bitcoin mining, has fallen by more than 50 percent, to 34 quintillions. Lower levels of mining show decreasing demand for bitcoin and in a somewhat vicious cycle, that in itself drives the price further down. […]
[…] more and more miners backing out of business. It was in the news lately that mining equipment was being sold at Kilo System in China (at the cost of waste material) in China, a country which has the most number of bitcoin mining […]
[…] ASICS were introduced in 2013, and from November 2017 they are the best processors available for bitcoin […]
[…] bear market, the hash rate also fell drastically which led to a lot of miners shutting down and the mining equipment were being sold at waste prices. Now as the hash rate is rising, miners are again turning on their mining rigs and moving back to […]