Bitcoin’s recent unstoppable decline has started to worry investors. After many technical analyzes and graphs were wasted, Bitcoin fell below the level called ‘fall’ and dragged altcoins after it.
Crypto mining, which has been on the rise in recent years, is among those that have had its share of this decline. In addition to the ever-increasing electricity and hardware costs, after this sharp drop, miners are considering shutting down their machines.
Big mining companies are shutting down machines
The mining system, known as ‘old-school’ mining today, made with a video card, especially due to high electricity consumption and video card prices became a burden to the miners. While some of the miners using such mining systems decide to unplug their machines and even sell some of them due to the excessive decrease in their income, ‘modern’ mining systems are trying to withstand this decline, albeit hard.
While the level of pulling chips is decreasing in the devices of companies producing mining hardware such as Canaan and Bitmain, the number of users pulling chips in classical hardware is increasing day by day.
Some mining companies have started selling Bitcoin and altcoins to provide themselves with extra liquidity instead of pulling chips. However, if this decline of Bitcoin and altcoins continues, all miners may enter a very difficult process.
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