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F2pool: in the last two weeks up to 800,000 miners

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From mid-November, in the context of falling prices and declining hashrate, between 600,000 and 800,000 Bitcoin miners were cut off. Such figures were cited in an interview with CoinDesk by the founder of the F2pool mining pool, Mao Xixing.

According to him, most of the miners who stopped work are likely to use outdated device models, such as Antminer T9 + from Bitmain or AvalonMiner 741 from Canaan Creative. The production capacity of these devices is about 10 TH / s, and according to F2pool calculations, in the current situation, their work is unprofitable.

F2pool itself has lost more than 10% of the hashrate in recent weeks, Mao admitted. Currently, F2pool accounts for less than 12% of the total bitcoin hash rate.

“It’s not easy to calculate the exact number of miners connected to the F2pool that are now disconnected. But judging by the conversations with the owners of large farms, with whom we are in constant contact, over the past few days we are talking about tens of thousands. This is what is happening in China now, ”Mao said.

Last week, the social network blew up a video published by Mao, in which a huge number of mining devices are simply dumped onto each other near an unknown building. Also from his WeChat-account, he shared a photo of a person who allegedly sells or buys miners by weight.

According to him, when he wrote that the devices sell in kilograms, he was, of course, half joking.

“Even older models are selling on weight, which are no longer possible to use. Therefore, they are simply sold as non-ferrous metal, ”Mao explained.

Speaking about the reasons forcing miners to disconnect devices, Mao calls the recent sharp drop in the market after hard forks Bitcoin Cash on November 15, rising electricity prices in China, and the fact that Chinese manufacturers are in a tough competition, releasing new devices and making old models uncompetitive. .

“All these factors are now superimposed on one another, which has led to the current situation,” said Mao.

As winter approaches, Chinese hydroelectric power plants suffer from water shortages, which leads to a twofold increase in electricity prices compared to summer. According to Mao, if in the summer prices in the mountainous southwestern region of the country, where there is a large number of farms, could fall to 0.2 yuan ($ 0.029) per 1 KW / h, now they are at around 0.3 yuan ($ 0.043).

At the same time, fossil fuel power plants, such as in Xinjiang Province, can produce electricity at more stable prices. As a result, the average cost of 1KW / h in China is at least 0.28 yuan ($ 0.04). And as Mao says, at current prices for Bitcoin, devices made in 2016 or 2017, no longer bring profit.

At the same time, he notes that turning off devices does not mean that they are out of the game forever.

Bitcoin mining is always a dynamically changing process, ” says Mao, explaining that as the hash rate decreases, the complexity of mining bitcoin also decreases. – The change in complexity usually occurs with a delay of 14 days. And after this wave of shutdowns, those who decide to continue working may experience advantages. ”

The latest data shows that over the past few days, the complexity of mining has dropped by about 5%.

Earlier, in an interview with BlockchainJournal, Braains CEO, the operator of the oldest mining pool in the Slush Pool, told about the consequences for the miners of the current collapse in the markets.

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