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Chuck Reynolds
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Chuck Reynolds   My Press Releases

Bitcoin Devices Switched Off..

Published on 12/11/2018
For additional information  Click Here

Bitcoin Mining Industry ‘Under Considerable Stress,’ 1.3 Million Devices Switched Off

   

For much of the year, the bitcoin mining industry appeared to be impervious

to the crypto market downturn, as the flagship cryptocurrency’s hash rate continued to climb even as the BTC price halved — and then halved again. In recent weeks, however, cracks have begun to form in this sector as well.

Bitcoin Hash Rate Drops as Miners Turn off Older Devices

Earlier this month, Bitcoin network difficulty, which adjusts dynamically every 2,016 blocks (a roughly two-week interval) in response to hash rate fluctuations, fell by 15.1 percent — its second-largest drop in history and the greatest since Oct. 2011. Just one period earlier, BTC difficulty declined by 7.4 percent, which was the most significant drop in nearly six years. While this does not, as some bears have suggested, mean that bitcoin has begun a death march, it does demonstrate the extent to which the downturn has begun to put the squeeze on miners with higher costs and thinner profit margins, many of whom had anticipated a crypto market that would look very different heading into 2019.

According to BitMEX Research, the Bitcoin hash rate has declined by more than 31 percent since the beginning of November, which is the equivalent of 1.3 million Antminer S9 miners being switched off completely. CCN previously reported that while miner overhead varies wildly based on the size of the operation, energy costs, and other factors, the market decline had hastened the obsolescence of older miner models such as the Antminer S7, which for most users are now little more than expensive paperweights.

Miner Revenue Falling Faster Than Bitcoin Price

To read more on this subject, please click the following link..

https://markethive.com/group/cryptocoin/blog/bitcoin-mining-industry-under-considerable-stress-13-million-devices-switched-off

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