Bitcoin Hashrate Drop Sparks Rumors of $3.8K Miner 'Turn-Off Price

Bitcoin Hashrate Drop Sparks Rumors of $3.8K Miner 'Turn-Off Price-The drop in Bitcoin hashrate has sparked rumors China has grew to become off vast numbers of mining rigs because the activity isn't any longer profitable.

‘MORE ECONOMIC TO TURN THEM OFF’

Video and picture content materials which allegedly got here from F2Pool proprietor BitFish hit western social media November 20, being uploaded with the aid of means of native information feed cnLedger and Primitive spouse Dovey Wan.

Many miners are mining at loss on the recent charge point, now it’s extra financial to turn it off and take it off from the rack to scale back fee on strength and opex,” Wan explained.

BRUTAL: this is what’s happening now in a China based mining site …. 😨😨 pic.twitter.com/gcN4lVTyBt

— Dovey Wan 🦖 (@DoveyWan) November 20, 2018

Bitcoin charge $4561.57 -0.49% maintains to undergo after every week of charge losses which saw its value in opposition to the greenback drop round 30 percent. At press time Tuesday, BTC/USD hovered at $4400.

According to Wan, the “turn off price” for mining in China with a Bitmain Antminer S9 rig is approximately $3800, but will modify down if situation and pageant also drop.

Factors resembling China’s dry season forcing up hydroelectricity fees exacerbated the problem, she said, including that “some ideal mining pool owners” had admitted working at a loss for a couple of months.

F2Pool consequently launched its own listing of mining charge cut-offs, urging miners to test to guarantee they have been “running in profit.”

FAKE NEWS ALLEGATIONS ABOUND

Due to a lot of the supply fabric originating from Chinese social media, western Twitter commentators have been fast to pour scrutiny on the claims, many calling out Wan and cnLedger for allegedly spreading “fake news.”

The fabric displaying miners mendacity in piles backyard was from the Sichuan Province floods, which knocked out many rigs in June, they claimed, still failing to reproduce the video or picture from different sources.

Data from Blockchain meanwhile confirms the hashrate drop in Bitcoin, which has reversed to ranges final considered in August.

The turnaround marks a uncommon occurrence for the network, which has gotten used to the sluggish boom in hashing power, rather over the previous year.

Ongoing makes an attempt to divert miners to Bitcoin Cash in an attempt to shore up one in every of its chains post-hard fork continue.

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