It is not only the HODLers who are affected by the recent dip in the price of bitcoin, as a report by International Times, published November 23, 2018, posits that cryptocurrency miners in China are selling their expensive mining rigs at giveaway prices.
Bitcoin Miners Not Able to Breakeven
It appears that shine associated with cryptocurrency mining is steadily waning off, as a recent report states the crypto market slump has forced miners in China to sell their expensive machines in second-hand markets to realize their scrap value.
The reason for such a drastic measure is not too hard to guess, as the miners are no longer able to cover up the electricity costs incurred while running these machines.
Bitcoin mining rigs are infamous the world over for the amount of power they consume. In fact, a number of organizations and personalities have voiced their concerns over its impact on global warming.
However, one of the major counter-arguments laid by crypto proponents was that of increased earning opportunities due to mining activities. Unfortunately, news of miners selling their equipment at scrap price doesn’t bolster this argument.
It is worse for people who got into the mining business after bitcoin came into prominence in late 2017. Machines bought at prices close to $2900 are hard to sell for even $15 in 2018.
Bitcoin Cash Hashwar to Blame?
While the collapse of a multi-billion industry cannot be attributed to a single cause, many believe that the ongoing bitcoin cash (BCH) hash war has been largely responsible for the plunge in cryptocurrencies value.
The hard-fork that went live on November 15,