Bitcoin does not rise, the whole network is below: 40EH/s reported “stray, scrap” tide mill

In May this year to September, hash bitcoin stress grew 200%, higher stress also represents the bitcoin mining difficulty is higher.

Bitcoin mining difficulty, it will be difficult to find a measure of stress in the given target, and according to the encryption currency (Hashrate) and the changes of stress. If a small mining bitcoin, then bitcoin “mined” the difficulty will be decreased. From the beginning of the 11 month, from the peak force is below 40EH/s, indicating that more and more mines out of the bitcoin mining enterprise.

– bitcoin hashrate (hashrate) – source:BitInfoCharts

Bitcoin mining profits decreased

In the past few days, a series of display China mining company dumped bitcoin mining machine in the streets of the videos and pictures, has led to an intense debate within the circle of money.

Within the circle of some people think that these images indirectly proved that even in the Chinese mining industry also began to feel the bitcoin long-term bear market pressure. Chinese low energy rates provide a higher profit mining. If the mine in the street dumping ASIC wafer mill, this not only means that bitcoin prices have reached “breakeven”, miners can no longer profit in the operation of the equipment, and that no future development. Others claim that the photos are actually destroying thousands of mines in Sichuan province China in July this year, a flood after the shooting, the purpose is to make the market panic. According to the local machine suppliers said in an interview, these photos seem to be real, but is a description of the Antminer S7 and V9 miners dump the old generation equipment picture. He explained that when the old mill ASIC chip, Chinese large scale mine as the sale of scrap metal is very common. “Of course, the old models are out, just like the picture shows. But this does not mean that the majority of people. Electronic products easily become obsolete. For example, intelligent mobile phone like iPhone 3, like 4, of course, can be sold by the pound. This is the normal life cycle. “ Bitcoin network operator (hashrate) from the peak decreased by about 25%

It is undeniable that the 2018 market fell sharply accelerated the encryption and its elimination speed. Since the beginning of the 10 month hit a record high near 55EH/s, as of 11 March 23, bitcoin network Zhou Pingjun has decreased by about 25%, below 40EH/s, that profit driven miners are forced to withdraw from the market. Even so, eToro market analyst Mati Greenspan said, considering the stress in the bull market last year rose so fast, is falling is a healthy development. “Bitcoin is indeed declined in the past few weeks, but this is not a bit worrying. This is actually reassuring, because in the past year is rising so fast, is now back to normal level. “ The United States mining company Giga Watt road to bankruptcy

Headquartered in the United States bitcoin mining company Giga Watt recently in a revised document raised the value of its assets. This Thursday, the company submitted a revised application in bankruptcy court in the Eastern District of Washington, said the value of its assets between $10 million and $50 million, far higher than the previously announced 0 – $50000 range. Giga Watt insiders said Friday: “50K is a mistake. Correction has been completed. In the process of a hurry, so there have been some mistakes. “ The company estimates the number of creditors and the same debt and a debt for 1000 million to 5000 million, creditors in 50 below. This week, Giga Watt filed for bankruptcy, the debt including two electricity suppliers hundreds of thousands of dollars. According to the company, the 20 largest unsecured creditors statement of nearly $7 million in debt.

In May 2017 the company invested by early bitcoin mining Dave Carlson founded by ICO, and in the same month of fund-raising, then raised about $22 million worth of encryption currency. However, in January this year, has filed a lawsuit against Giga Watt, said the company had a securities issued without registration, and seek the return on investment. According to reports, after a series of layoffs, Dave Carlson in 8 months of this year quietly left the company. When the bankruptcy of the company, the company’s mining days are becoming more and more difficult. For example, bitcoin prices earlier this week hit a nearly 14 month low of $4000 in December last year, has reached nearly $20 thousand peak. CoinMarketCap data show that the recent encryption market fell to $136 billion, the lowest since September 26, 2017.

Over investment, mining boom waning is a normal phenomenon

In the encryption currency market bull market, attracting a large number of mining world began to develop in the field, but with nearly a year of the bear market, so the market exit is also normal, mining market has been to the highly competitive direction, even when the mining company also inevitably encounter instant collapse of experience. The 2012 launch of its famous ASIC roast cat, although in 2013 made dazzling achievements at that time, everyone rushed out at the end of the year but lost to panic buying, market competition, is instantly dropped to less than 4% of the whole network, quietly out of the market. At the same time, bitcoin prices continued in 2013 from a peak of about $1000 to $230, the lowest decline, until the end of 2015 in the currency market in the winter, many mines, machine manufacturers also in this period of time is also not enemy losses have ended. Since 2013 years can survive the winter, achievements in the current large-scale mining leader, Chia Nan Yun Chi (Canaan, Creative), (Bitmain), bit. But, in the encryption money market survival, not only to catch the wave of “forever” so simple.

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