Cryptocurrency mining operations in Chinaarereportedlyselling-outmining hardwares by weight, asopposed to thevalue per unit. Thissales eventwas recentlyreportedby a nativeChinese crypto outlet 8BTC withrespect tothe crypto mining pool F2Pool.
Cryptocurrency marketssaw a major widespread decline throughout last week, with the major cryptocurrency Bitcoin [BTC] trading at a price as low as around $4280 USD per coin.
The decline has resultedin asimilarfall in theminingprofitsand madeChinese operators to sell-off their mining hardware at considerable losses,in line with a recent news reported by8BTC. The news outlet stated that the minersarebeingsold-out“by weight in kilos,” citing a postpublishedby thefounder of theF2Pool on the Weibo microblogging platform.
Crypto minersarereportedlyparticularlywanting tosell the older models,together withAntminer S7, Antminer T9, and Avalon A741, as these have reached their “shutdownvalue.”in line withnativeChinese outlet Tencent News, the earningsaren’t anylonger enoughto cover associatedpower costsalong with otheralternativeassociatedcosts.
The market slump has reportedly affectedprincipallysmalland medium-sized mining operationswithin theChinese regions ofXinjiangandInner Mongolia. There, 8BTC reports, some mining machinesare beingsold-outon the second-handmarketplace forjustaround 5%of their originalprice. A mining machine bought at apriceof upto $2,8900 USD a yearearlieris reportedlypresentlysold-outforsimply$144 USD.
Bitcoin’svalueis considerably falling,at the side ofthe remaining crypto market, since after thehardfork network upgrade of BitcoinCash[BCH] on 15th November. The update hasletcrypto exchanges around theglobe to suspend Bitcoin Cash [BCH]tradings.
Earlier this month, Bitcoin mininggiantBitmainproclaimedplansto succeed innativemining farmswithin the coal-rich province ofXinjiang and deploy around90,000 Antminer S9 unitswithin theregion. Bitmain’s move isreportableto be a strategic onewithin thecomputing “power war”related tothe BCHhardfork.
However at the reporting time, the crypto markets don’t seem to have calmed down, with most ofthe top10cryptocurrencies seeingsolelydownfall. Bitcoin [BTC] for now is trading at a price of around $4,313 USD which is -3.93% lower than yesterday.
As reported by EtherDesk earlier inSeptember, thechief executive officerof F2Poolrevealedaninfographic that indicated that if Bitcoin [BTC]valuewould reachunder about $5,376 USD, mining the cryptocurrency with Antminer T9 would become unprofitable.Within thecase oftheS7 modelunit, the break-point even amounted to aconsiderablyhigher Bitcoinprice point of around $11,581 USD.