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Cryptocurrency discussions / Miners turn off equipment. How will the bitcoin rate change?
« on: May 23, 2021, 11:20:53 AM »
Miners are shutting down their hardware all over the world. It all started with European miners. Bitcoin has become unprofitable to mine.
It is worth noting that since 2016 they have been periodically scared. Then it turns out that they did not really mean a ban and in general it is about those who steal electricity. The hash rate has really decreased, only it began to decline on May 13, because that day the difficulty was recalculated and it increased from 20t to 25t. The price collapse was also observed. Naturally, someone turned off the equipment and continues to turn it off, because it became unprofitable. The next recalculation is only after 6d 20h. The difficulty will decrease accordingly, and the lost income will be slightly compensated.
All I mean is that after this news, no one rushed to turn off everything and sell, otherwise we would have seen an even greater outflow of capacities, tk. China owns 65% of all capacity in the btc network.
It is worth noting that since 2016 they have been periodically scared. Then it turns out that they did not really mean a ban and in general it is about those who steal electricity. The hash rate has really decreased, only it began to decline on May 13, because that day the difficulty was recalculated and it increased from 20t to 25t. The price collapse was also observed. Naturally, someone turned off the equipment and continues to turn it off, because it became unprofitable. The next recalculation is only after 6d 20h. The difficulty will decrease accordingly, and the lost income will be slightly compensated.
All I mean is that after this news, no one rushed to turn off everything and sell, otherwise we would have seen an even greater outflow of capacities, tk. China owns 65% of all capacity in the btc network.