At least 600,000 Bitcoin mining equipment shut down in the last two weeks | Bitcoin,Crypto and Blockchain news and dictionary

At least 600,000 Bitcoin mining equipment shut down in the last two weeks

The founder of F2Pool, one of the largest mining pools, estimates that at least 600,000 Bitcoin mining equipment has been unplugged in the past two weeks.

Mao Shixing, the founder of F2Pool, who spoke to CoinDesk, took into account the total hash rate of the company and the average hash power of the old mining equipment, which had a difficult time in generating profit.

13 percent down since November 10

According to data from Blockchain.info, the bit rate of the Bitcoin network was 47 million terahash per second (TH / s) on November 10th, which fell to 41 million per second on November 24th. This is a 13 percent decline in the rate of hash shows.

Shixing says those who stop their operations are likely to use older models, such as the Antminer T9 +, produced by Bitmain , and the AvalonMiner 741 produced by Canaan Creative. According to the miner’s income index of F2Pool, these miners are estimated to have a power of around 10 TH / s and are likely to lose money if they are used.

Shixing shows that the Bitcoin hash rate in F2Pool, which accounts for about 11.4 percent of the total network, has decreased by more than 10 percent in recent weeks.

Weight loss with device sales

F2Pool ‘s founder, 20 November, Weibo social media account through a photo of a man who exited the mining equipment on the bag to the receipt of some devices sold by weight business reported.

Shixing said, Weight-sold devices, old models that are no longer available. They’re sold for conversion to copper.

Electricity costs nearly doubled

Shixing, the reasons for this situation on November 15, following the boom of the Bitcoin Cash , as well as a decrease in the market said many factors. F2Pool founder, some of these factors in China with the increase in electricity costs of old mining devices can not compete with the new devices passed. Shixing states that this is the result of the overlap of all these factors.

When winter comes to China, hydroelectric power plants have a dry season, so the electricity costs are doubled compared to the summer months when water is abundant.

Shixing said that in the summer months, electricity costs of mining farms in China’s mountainous Southwest region could fall below $ 0.029 per 1 KW / h. At this time of year, however, the cost was $ 0.043.

Miners awaiting difficulty adjustment

Some miners, although they have pulled the plug due to damage, this situation may change soon. Bitcoin mining difficulty is falling automatically when the hash rate is reduced in the Bitcoin network. Difficulty adjustment is done every 14 days. These miners may be involved in the game again when Bitcoin production difficulty falls in the next challenge.

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