China Crypto Miners Sell off Mining Devices!?

[MOProgress]

I just saw this news on CoinTelegraph

The News Reads Cryptocurrency mining operations in China are reportedly selling mining machines by weight, as opposed to price per unit. This selloff was reported by local Chinese crypto outlet 8BTC Wednesday, Nov. 21, with reference to the cryptocurrency mining pool F2Pool.
Cryptocurrency markets experienced widespread decline throughout last week, with Bitcoin (BTC) declining to as low as $4,300 per coin.
The decline has resulted in a similar drop in mining profitability and forced Chinese operators to sell their mining devices at a loss, according to 8BTC. The news outlet has reported that the miners are being sold “by kilo,” citing a post made by the founder of F2Pool on the Weibo microblogging platform.
Crypto miners are reportedly especially eager to sell the older models, including Antminer S7, Antminer T9, and Avalon A741, as these have reached their “shutdown price.” According to local Chinese outlet Tencent News, the earnings from mining are no longer enough to cover electric power and other associated costs

[Zed0X]

Well, I've read about a huge mining company shutting down its operation and declaring bankruptcy a few days ago. That news just adds to the fact that bitcoin miners are indeed losing. I just had a good laugh at selling those mining devices by weight 

[levyashin]

It is very normal actually.

Price dump means bitcoin mining is not profitable with the same order so some need to give up.

[kent47400]

The price of the Dump Bitcoin from 19800 USD to 3600 USD is the factor for the bankruptcy of the miners.
The electricity costs that are used every day are not strong enough to pay just by using a Bitcoin at a price of 3600 USD.   

[Cryptoz]

They do the reasonable choice. The miners will sell their mining devices if bitcoin price never indicates positive improvement to avoid more losses. If they keep the mining devices longer, the value of the devices will lessen while it cannot make money now. 

[pedangrusak]

I also do mining even though with VGA that has a small hashrate and I can assess mining revenues to decline considerably compared to the end of 2017. Large operational costs are not worth the price of coins or tokens on the market, so this is not profitable for miners

[DeKingCrypto]

I think this have to do with the recent decline of Cryptocurrency market cap and all the cryptocurrency market crash, maybe its no longer profitable to them.

[yitzjoe]

Miner's China influence on crypto is significant because they have a large and centralized infrastructure, when operational costs become larger without being followed by increasing revenues, I am sure they are more realistic to sell mining machines. this will have an impact on crypto if this is true and valid

[Gastonic]

I think the reason for that is the current price of the btc is low and the difficulty in mining increases that is why they cannot get profit from it.

[ZionRTZ]

Cost-Benefit. If it is no longer beneficial, then you might as well sell it while it still has value.
I hope they got it right though.

[trauchot]

So it is, because you can look at the market and you will understand why this is happening, now mining causes losses and it is difficult to find any altcoin that you will mine and which will bring you profit.