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Crypto Miners Selling Mining Hardware in Kilos Instead of Price per Unit

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Cryptocurrency market has gone through a massive decline of 82 percent in 2018. This decline in the market has adversely affected both investors as well as miners. A lot of cryptocurrency miners in China had to shut down their machines and mining rigs as the earnings are not enough to cover up electric power costs and other expenses associated with it.

Miners have been reported to be extremely willing to sell off the older model mining machines, some of which include the Antminer S7, Antminer T9, and Avalon A741 as these have reached their 'shutdown price', according to 8BTC. The decline in the crypto market has majorly affected only small to medium sized mining operations in the Xinjiang and Inner Mongolia regions of China.

The Bitcoin reached as low as $4,300 over the last few weeks, which is almost 80 percent lower than the all-time high of $20,000 in last December.

A number of analysts also blame the hash war for the decline in cryptocurrency markets. The Bitcoin Cash blockchain forked into two new chains last week due to a software upgrade by the name of 'hard fork'. Followers of each side are putting out and renting out a high amount of mining power to make it the dominant network. The Chinese Bitcoin mining giant announced to reach out to miners in Xinjiang and deploy approximately 90,000 Antminer S9 devices to help its chosen side in the 'power war' linked with the BCH hard fork. Some 'hardcore miners' argue that the computing power of the bitcoin network has decreased by 8 percent.

The Bitcoin reached as low as $4,300 over the last few weeks, which is almost 80 percent lower than the all-time high of $20,000 in last December. Profit in mining has also decreased drastically, forcing the miners to sell their equipment due to the high costs of maintenance and operations compared to money earned by mining. Some might argue that "making money has slowed down, but it can still make some hard money."
According to some 8BTC reports, various mining machines are being sold at one-twentieth of their worth last year. A machine that was worth up to 20,000 Yuan ($2,885) a year ago is now currently sold at just 1,000 Yuan ($144) reportedly. Citing a post by the founder of F2Pool on Weibo microblogging website, Crypto miners have been reported to be selling these older models 'by kilo' instead of selling at a price per unit individually.

According to some 8BTC reports, various mining machines are being sold at one-twentieth of their worth last year. A machine that was worth up to 20,000 Yuan ($2,885) a year ago is now currently sold at just 1,000 Yuan ($144) reportedly.

In September, the F2Pool CEO published an infographic which indicated the mining cost of Bitcoin using various miners in the market. Even if you mine with Antminer T9, the best miner in the market, you will end up with no profit and loss.

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