August 21, 2019, 13:57

Chinese Crypto Miners Sell Rigs for Scrap Amid Bitcoin Collapse – Reports

Chinese Crypto Miners Sell Rigs for Scrap Amid Bitcoin Collapse – Reports

With the older model cryptocurrency mining machines no longer generating enough revenue to even cover the costs of running them, some miners have apparently ended up scrapping them or selling them “by weight.”

The rapid collapse of Bitcoin prices that have occurred since the beginning of November have apparently dealt a serious blow to crypto miners in China, reportedly forcing many such small- and medium-sized outfits to sell their old mining rigs dirt cheap.

As 8BTCNews website explains, citing F2Pool, one of the largest China-based mining pools, older model cryptocurrency mining machines, such as Antminer S7, T9 and Avalon A741, simply cannot generate enough earnings even to cover the cost of electricity they use up.

However, even though this development has led to the price of a mining rig dropping to about “one twentieth of what it was the same time last year”, it’s turned out that few are willing to purchase such specialized equipment on the second-hand market.

As a result, many mining rigs have ended up  being “dumped like scrap” by their owners or, as F2Pool owner claimed, getting “sold by weight”.

​With bitcoin price already dropping below $5,000 earlier this week, the cryptocurrency’s value has taken a further dive, to about $3,750.

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