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Mining grains are sold in China as scrap metal!

The price of mining hardware in China is falling sharply. Recent comments show that while new restrictions are being imposed in China, miners are selling their devices as “scrap metal”.

to the the report Cryptonews, several media outlets have reported that the price of mining hardware in China has fallen by 50% since April.

Earlier, Bitmain, one of the largest companies in the field of mining equipment, had announced that it would stop selling miners due to the sharp drop in the price of machines due to the sale of second-hand hardware.

Mining grains are sold in China as scrap metal!
Price index of mining grains

An unidentified miner, who is said to be working in the mining industry, said the huge flood of second-hand machines had led to a drop in the price of mining hardware in China. Called “Zhang” by the media, he went on to say that many miners were selling their equipment instead of moving.

Another person, referred to as “Lee,” says many people are losing money right now, and many miners have not yet turned off their devices. He said about this:

Restrictions so far [صنعت] Mining has not completely destroyed China.

Lee believes bitcoin mining is a risky business; This is because power supply companies can easily identify them. He says teams of fanatical inspectors are looking to uncover mining facilities in China, which has increased the risk of extraction.

So far, many Chinese miners have been forced to leave China and relocate to countries such as the United States and Kazakhstan.

A digital currency activist in China says the prevailing atmosphere among traders is also highly chaotic. He said about this:

When the price of bitcoin had just begun to fall, investors were still talking happily in their groups. All [معامله‌گران] They jokingly said that they should increase their opportunities; But this month their bands are slow and it looks like they have all left.

Recent data show that most bitcoin mining pools have lost at least 10% of their hash rate, and for others it has risen to 80%.


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