Mining Rigs being sold by the Kilo
The fall of the cryptocurrency market over the last couple of months has been something that has been heavily discussed and prophesied about. The cryptocurrency market has been on a strong downward trend since December 2017 and is predicted to be that way up until second quarter 2019.
ward trend for the past year since the bull in 2017 December and is predicted to be in an extended one up until the second quarter of 2019.
The cut-off line of the Bitcoin at this point and the predicted low of this particular downward plummet is at about $3,700 USD. Which at this point in less than 75% of the coin’s all-time high. But as the market and its community prepare for the cryptocurrencies to slip even lower over the next couple of months, it is becoming unprofitable to hold on to them anymore and even lesser to mine them.
To this effect, mining operations are shutting shop in many regions of China and the rigs are being sold off at throwaway prices. Amidst this already declining market, Chinese miners are selling away their mining equipment by the kilo to anybody who is interested in taking it off their hands.
The reason for this mass sell-off is because it is becoming unprofitable to continue mining Bitcoin in this market. The operating costs are far exceeding the actual profit these miners are making from mining Bitcoin.
The Chinese mining equipment is being sold as per weight rather than price per unit because of the market decline. This particular news was first reported by 8BTC, a news outlet.
Miners in China are eagerly selling their mining equipment especially their older versions. The most common equipment on sale from these mining operators are Antminer S7, Antminer T9, and Avalon A741.
The cryptocurrency market has been experiencing more dramatic downward trend ever since the BCH hard fork happened. This is because Roger Ver had diverted mining traffic to BCH ABC to win the hash war that ensued. A lot of exchanges and trading desks have suspended BACH trades because of the same.
Mining rigs and operations that are being sold off at this point are being sold by small or medium sized mining operations and this is because they cannot afford the losses that they are already booking and the further losses that are about to come.
The cryptocurrency market has temporarily calmed down at the moment and the top ten coins have only booked minor losses in the past twenty-four hours. Bitcoin is currently trading at $4,208 USD.