With Bitcoin having suffered a major loss at 30% of its value during the past week and a half alone, Bitcoin miners are feeling the oncoming pressure as well. Currently, Bitcoin is sitting at USD 4,300, making it the lowest level ever seen since October 2017.
Recent news in the past week has shown large mining firms already closing their business down. Wednesday was the day US-based mining firm Giga Watt had filed for bankruptcy during Washington, while still owing creditors nearly USD 7 million.
According to an articled posted by the South China Morning post on Thursday, the China-based mining firm F3Pool is concluded that a number of mining machines, these include the Antminer S7, S9 and AvalonMiner 741, have become unprofitable to operate in China, which has lad to a flood of machines being placed for sale on the second hand market.
With the Bitcoins and other various Altocins declining at the moment, the hurt is starting hit really hard on everyone. Even so, the community still continues to march on strongly and recovery should start to pick up soon. Although seeing mining companies close down could lead towards alot of people, especially independent miners, having to lose out on tons.
Has this affected your mining operations?
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