The cryptocurrency prices fell drastically and reached a 13-month low on 20th November. Many incurred significant losses all across.
Bitcoin (BTC) was trading below $4300, which is the lowest since October 2017. The decline in price also means a decline in mining profitability for many. It actually forced some Chinese miners not only to stop mining but to actually sell their equipment below their market worth.
The Chinese crypto news outlet 8BTC reports that it is mainly the older machines that are being sold, as the mining earnings do not currently cover the electricity cost of keeping the miners running.
The situation resulted in older miners (including Antminer S7, T9 and Avalon A741) being sold by weight, rather than by unit.
The information was confirmed by F2Pool, one of the largest mining pools based in China. Some Chinese cryptocurrency mines actually sell their equipment at twenty times less than those same rigs were worth the same time last year.
Unfortunately for sellers – even with such incredible discounts it isn’t easy to find a buyer. The F2Pool reported that miners are currently being sold by the kilogram.
Many miners still continue running their machines. As one explained:
“I still mine on my rig, but that’s because it’s cold and mining is cheaper than running a heater.”
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