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Because of the unprofitable mining, hundreds of thousands of miners have disconnected from the Bitcoin network

The founder of a large mining pool F2pool ( generates 11.4% of the total capacity of the Bitcoin network) Mao Shenyang WorldStar reported the avalanche off the old mining devices in November, after the fall of the first cryptocurrency and the total market, followed. According to F2pool from mid-November support network of bitcoin stopped from 600 000 to 800 000 miners.

So on 11 November, the total network hash rate of bitcoin stood at 52,02 aksakal per second, and on November 26, the network capacity has dropped to aksakal of 36.85 per second.

The head of the mining pool finds most of otklyuchilas miners probably use older models such as the Antminer T9 +, Bitmain released, and AvalonMiner 741 from Canaan Creative. According to the index of the profits of miners from F2pool, these devices have an average hashing power of about 10 Th/s and at the current rate of mining with them is simply unprofitable.

Mao noted that a mass Exodus of miners from the industry influenced by several factors, including recent market decline, which followed hardforum Bitcoin Cash. In addition, he mentioned the increase in electricity tariffs in China, and the fact that Chinese manufacturers are constantly upgrading their products, making older machines more competitive.

In connection with the arrival of winter hydroelectric power station in China are experiencing a season of drought, and as a result, the cost of electricity has doubled compared to summer rates. According to Mao, in the summer of electricity costs in the mountainous South-Western region of China, where many mining farms were less than 0.2 yuan ($0,029) per 1 kW/h. However, in winter the price can reach 0.3 yuan (us$0.043).

At that time, as coal-fired power plant, for example, in Xinjiang province, can produce electricity more consistently, the average costs still make up at least 0.28 yuan ($0.04) per 1 kW/h.

But the expert drew attention to positive time — along with hasraton is reduced and the difficulty of mining.

“Change the difficulty of mining bitcoins usually has a backlog of about 14 days. After this wave of disconnections from the network, the miners, who have decided to stay, you can experience certain advantages,” he said.


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