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Bitcoin mining rigs on sale at steep reductions as cryptocurrencies crash – Information by


Bitcoin mining rigs on sale at steep reductions as cryptocurrencies crash

The continued meltdown within the world cryptocurrency market has pressured bitcoin mining {hardware} suppliers to unload their machines at fire-sale costs.

Canaan Inventive, the world’s second largest maker of cryptocurrency mining rigs, has already put all its Avalon-brand gear on sale at US$200 per unit, in accordance with firm consultant Steven Mosher in an electronic mail on Friday.

“You possibly can take into consideration this [price markdown] as me rescheduling Black Friday by every week,” mentioned Mosher, referring to the annual US purchasing occasion that falls on the Friday after Thanksgiving Day. This yr, Black Friday was on November 23.

Canaan’s flash sale on Friday, which was first reported by digital forex information website CoinDesk, marked a big low cost programme for the Chinese language firm, which beforehand bought its strongest mining rig mannequin – the AvalonMiner 921 – for US$742.

As bitcoin costs fall, mining cryptocurrencies is now not worthwhile for a lot of

Over at Huaqiangbei, one of many world’s largest electronics markets, within the southern coastal metropolis of Shenzhen, distributors are feeling the ripple results of the crash in bitcoin costs.

Solely a handful of outlets stay among the many dozens that used to promote cryptocurrency mining rigs at a purchasing centre in Huaqiangbei. On a Monday afternoon, one of many distributors, surnamed Liu, was taking a nap, whereas different distributors have been slacking off on their smartphones.

“There are virtually no customers now,” mentioned the 50-year-old Liu. “Now we have been idle right here for 2 months.”

Liu had arrange store in Huaqiangbei in Could this yr after being satisfied by associates to promote mining {hardware}. He nonetheless has not made any revenue after investing greater than 1 million yuan within the enterprise. He plans to shut store as soon as his one-year lease ends.

“Right here’s a honest suggestion for many who wish to earn cash with bitcoin: be cautious,” he mentioned.

The mining gear value cuts have come amid a crash within the digital forex market. Costs of bitcoin, the world’s main cryptocurrency, fell to a 13-month low of about US$3,600 final month, in accordance with information from CoinMarketCap. Bitcoin is at present buying and selling at round US$4,000, down from US$6,400 at first of November.

The overall market worth of cryptocurrencies has slumped to US$130 billion, which is lower than one-fifth of its price through the market’s peak in January.

Bitcoin’s deepening crash now rivals its worst-ever bear markets

A conflict amongst supporters of bitcoin money, probably the most profitable bitcoin offshoot, was largely blamed for the market crash. The world’s fourth largest cryptocurrency break up into two distinct entities on November 16 amid long-standing, elementary disagreements of their developer neighborhood.

That meltdown has left miners – those that course of transactions in return for brand spanking new models of cryptocurrency as reward – in a susceptible place. It has turn into unprofitable for these enterprises and people to run at the very least 4 fashions of bitcoin mining machines, in the event that they devour energy at a price of 0.Four yuan (6 US cents) per kilowatt-hour, in accordance with F2Pool, one of many world’s largest bitcoin mining swimming pools.

F2Pool, which is headquartered in Beijing, mentioned at the very least 60,000 bitcoin mining machines have been shut down because the center of November.

Mining bitcoin makes use of extra power than what’s wanted to excavate gold, platinum or copper: examine

The cryptocurrency sell-off prompted miners to take away at the very least 4 fashions of bitcoin mining machines, together with the Antminer S7 and Antminer S9 from Bitmain Applied sciences in addition to Canaan’s AvalonMiner 741, as a result of these have turn into too costly to function underneath current market circumstances, in accordance with estimates by F2Pool final month.

Whereas small and mid-sized cryptocurrency miners are prone to reap the benefits of Canaan’s gross sales promotion amid the bear market, the large gamers will purchase new mining rigs it doesn’t matter what, in accordance with Mosher.

“Bitcoin mining is a long-term funding, so I might not spend an excessive amount of psychological power on just a few days of turmoil,” he mentioned.

Cryptocurrency mining rig maker Canaan lets Hong Kong IPO software lapse

Nonetheless, the cryptocurrency market hunch seems to have had an influence on Canaan’s proposed preliminary public providing in Hong Kong this yr. The corporate let its IPO software lapse early final month, in accordance with info on the Hong Kong inventory alternate web site. The corporate has beforehand declined to touch upon the matter.

The inventory alternate and regulators had many questions on its enterprise mannequin and prospects, in accordance with a November 15 report by Reuters, which cited sources near the deal.

Bitmain, the world’s largest provider of cryptocurrency mining gear, and Ebang Worldwide nonetheless have pending IPO functions with the Hong Kong inventory alternate.

Bitcoin mining rigs on sale at steep reductions as cryptocurrencies crash – Information by


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