Bitcoin mining has had real success in the past month. Thanks to the corona virus pandemic, the mining sector saw a huge drop in activity due to a bitcoin sell-off and backward rewards.
Bitcoin mining in serious trouble
Many Bitcoin mining companies are now look at the situation differently. They believe that they can still make a profit by working with people’s current situations. As a result, some are trying to sell Bitcoin mining machines at a discount. In this way, they can generate revenue that gives the mining sector the necessary boost.
Many companies have reported huge losses in the past few weeks. For example, Digital Farms in California recently announced it will close its doors indefinitely until current economic conditions are over. Bitcoin mining is not considered essential during these times, which is why Digital Farms has set itself the task of stopping operations until further notice.
In addition, Riot Blockchain has also stated that the corona virus has affected its business. Attempts are currently being made to revise and reconfigure operations to better serve customers and possibly stay in business during this time.
Some examples of important sales prices are those of the WhatsMiner M30 through DJ Miner. The company originally advertised these products for around $ 2,500 each. Now buyers can even buy them for around $ 2,000, which is a 20 percent price reduction.
In addition, companies like Bitmain – a China-based supplier of Ant Miner machines – advertise these products at a price of around $ 1,300 to $ 200 compared to their original prices.
In a statement, Token Insight analyst Johnson Xu said:
ASIC miners have seen a relatively strong market devaluation since the fourth quarter of 2019. However, the mining market found a certain price floor in the first quarter of 2020 despite the recent downturn in the crypto market. Some experienced miners are currently looking for used ASICs at a substantial discount … based on their carefully…