Cryptocurrency mining operations in China are reportedly selling-out mining hardwares by weight, as opposed to the value per unit. This sales event was recently reported by a native Chinese crypto outlet 8BTC with respect to the crypto mining pool F2Pool.
Cryptocurrency markets saw 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 resulted in a similar fall in the mining profits and made Chinese operators to sell-off their mining hardware at considerable losses, in line with a recent news reported by 8BTC. The news outlet stated that the miners are being sold-out “by weight in kilos,” citing a post published by the founder of the F2Pool on the Weibo microblogging platform.
Crypto miners are reportedly particularly wanting to sell the older models, together with Antminer S7, Antminer T9, and Avalon A741, as these have reached their “shutdown value.” in line with native Chinese outlet Tencent News, the earnings aren’t any longer enough to cover associated power costs along with other alternative associated costs.
The market slump has reportedly affected principally small and medium-sized mining operations within the Chinese regions of Xinjiang and Inner Mongolia. There, 8BTC reports, some mining machines are being sold-out on the second-hand marketplace for just around 5% of their original price. A mining machine bought at a price of up to $2,8900 USD a year earlier is reportedly presently sold-out for simply $144 USD.
Bitcoin’s value is considerably falling, at the side of the remaining crypto market, since after the hard fork network upgrade of Bitcoin Cash [BCH] on 15th November. The update has let crypto exchanges around the globe to suspend Bitcoin Cash [BCH] tradings.
Earlier this month, Bitcoin mining giant Bitmain proclaimed plans to succeed in native mining farms within the coal-rich province of Xinjiang and deploy around 90,000 Antminer S9 units within the region. Bitmain’s move is reportable to be a strategic one within the computing “power war” related to the BCH hard fork.
However at the reporting time, the crypto markets don’t seem to have calmed down, with most of the top 10 cryptocurrencies seeing solely downfall. 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 in September, the chief executive officer of F2Pool revealed an infographic that indicated that if Bitcoin [BTC] value would reach under about $5,376 USD, mining the cryptocurrency with Antminer T9 would become unprofitable. Within the case of the S7 model unit, the break-point even amounted to a considerably higher Bitcoin price point of around $11,581 USD.