The Chinese crypto publication cnLedger tweeted a video where miners dismantle a mining farm. The tweet is accompanied by photos of Chinese miners who stop participating in F2Pool, one of the largest and oldest bitcoin pools in China.
"The time to buy is when there're miners in the streets." pic.twitter.com/3fshPcANDF— cnLedger (@cnLedger) November 20, 2018
Over the past few days, the rate of many cryptocurrencies has fallen harshly. This affected not only traders but also bitcoin miners, for whom mining ceased to be profitable, given the current rate of bitcoin (Bitcoin).
According to eToro senior analyst Mati Greenspan, the bitcoin hashrate has dropped to its lowest level since August of this year.
As you can see, the hashrate has been growing steadily since November 2017. However, the fall of bitcoin over the past few days has greatly affected bitcoin miners. Hashrate has risen from 10,000,000 TH/s to 60,000,000 TH/s and has now fallen to 40,000,000 TH/s.
In order to reduce the unfavorable conditions for miners, the German company Northern Bitcoin reduced the cost of production using green energy. It founded the bitcoin mining farm at the Lefdal Mine in Måløy, Norway, where cold water is used to cool systems with a hydroelectric power source for the machines.
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