Is price of Bitcoin going to kill the bitcoin mining industry?

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Chinese Bitcoin Mining Companies shutting down

Recently F2Pool which is one of the largest bitcoin mining pools reported of shutting down 800,000 miners are selling them by the Kilos‘.
The bitcoin hashrate dropping from 61.8 million tera hashes in late August to a low of 36.7 million tera hashes just recently sounds very drastic.

 

Russian Miners selling their equipment despite the cheap electricity rates

In Russia, reports are coming out that home miners are unsurprisingly being squeezed out even in regions where electricity is super cheap. Miners are now looking to sell their old hardware instead of staying in the bitcoin mining game.

 

But is that the end?

Sweden Attracting Bitcoin Mining Companies

After Norway decided to end its power subsidies to bitcoin miners which results in a massive increase in electricity rates in the region starting from 2019. In response to this news, Sweden is opening the doors to the expected wave of refugee miners. Sweden’s municipality of Boden which already has 10 different bitcoin mining farms located in the region expects to see a wave of bitcoin miners entering their region very soon. The local business agency director said that the bitcoin mining companies from Norway have already started to inquire about the facilities in Bodan and said that Bodan will be very happy to see them.

 

Paraguay to support ‘Golden Goose’ Bitcoin Mining Project

The Vice President of Paraguay has declared his support for what is being called the Golden Goose project. This would see the South Korean Blockchain Foundation building 5 farms on Paraguay State-owned land. The data center will be located next to the Itaipu Hydro Dam. This hydroelectric dam produced the highest amount of energy of any hydroelectric dam in the world. The dam’s current production of energy is quite high in accordance to the demand in the local area and so it will be able to offer a great collaboration with crypto miners who want to build the largest bitcoin mining farm just next to the dam. This is just an idea at the moment as the construction or any other sort of work hasn’t been started yet in accordance with the project.

 

Large Bitcoin Mining Farm opens up in Armenia

In Armenia, a new $50 million bitcoin mining farm building has been opened up and backed by real estate company Multi Group Concern. They are starting off with 3000 machines and are in a process of procuring and powering up an additional 120,000 bitcoin mining machines. This will put Armenia in the bitcoin mining world map.

So the bitcoin crash is not killing the mining industry and even if the price falls even more underneath the $2000 range as being predicted by analysts, there are new bitcoin mining machine models coming up which will consume very low levels of electricity and keep the mining industry running successfully.

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