Crypto miners unload machines, sell

 Many cryptocurrency miners began to unload their machines, livestream selling graphic

According to PC Gamer, one of the reasons why users are afraid is that these models have been used continuously for cryptocurrency mining, so there is a risk of minor errors after a short time of use. However, some experts say that buying graphics cards from experienced miners is sometimes better than gamers - who often "overclock" to achieve high performance, causing graphics cards to fail faster than others. with cryptocurrency mining.

Many excavators in Shenzhen are also concerned that a worst-case scenario like the end of 2018 could return. If the graphics card is no longer used for cryptocurrency mining, millions of machines could be covered and sold for scrap.

Although China has banned cryptocurrency mining, Cambridge University statistics show that the hashrate - the computing power of the Bitcoin network - in the country has increased from 0 in June 2021 to 30.47 TH /sec in September 2021. In the following months, the index fluctuated only slightly, helping China maintain the second position in terms of mining capacity, accounting for more than 20% of the total market. According to CoinDesk, the hashrate index shows that miners in China are still secretly mining cryptocurrencies.

According to Bloomberg, not many cryptocurrency miners have fallen into default, but many have shown signs of difficulty. For example, Core Scientific, which specializes in providing Bitcoin mining infrastructure to US customers, has to sell 2,000 Bitcoins to cover operating costs. Bitfarms, a cryptocurrency mining business in Canada, also sold nearly half of the cryptocurrency mined in early June to pay part of a $100 million loan to Galaxy Digital.

“When the price of Bitcoin drops, the price of miners and graphics cards drops even more because people will not want to use these machines for anything,” commented Will Foxley, director of Compass Mining.
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