Approximately 800,000 bitcoin miners have been shut down in just 1 week of cryptocurrency market crash and hashrate downfall according to bitcoin mining pools. Bitcoin’s hashrate had dropped from 47 million tera hashes per second to around 41 million tera hashes per second in just 2 weeks time.
Bitcoin Mining operations halted
Hundreds of thousands of bitcoin miners have closed down their operations midst of the market crash as these bitcoin mining companies were facing huge losses due to the price fall.
According to Mao Shixing, the founder of one of the largest bitcoin mining pools F2pool said that thousands of Chinese Bitcoin Miners have unplugged their bitcoin mining machines in the fast few days. The Chinese government has also implemented a hype in electricity costs for bitcoin mining operations that is also a major reason for the miners backing out.
Bitcoin Mining machines are being sold by Kilo System (Kg’s) at the price of waste metal for the copper used in these mining machines to be used for other purposes.
He also mentioned that the miners shutting down can surely come back again once the price recovers and the electricity cost differs during different seasons in the country.
Bitcoin Price Analysis:
Bitcoin is currently trading at $4045 according to data feed from CoinGecko at the time of publication. Bitcoin is currently experiencing great difficulty while trying to recover from the downward trend. The price has jumped up to $4200 but as the analysts have already predicted the price has started to decline further and as of now has fallen below $4000 again on most exchanges. Analysts predict that bitcoin price will surely reach around $3000 in the upcoming few days before major recovery starts.