Cryptocurrency miners withdraw electricity to plow

  Some miners started to shut down their plowing rigs, others considered worse scenarios when the

Minh Nghia, the administrator of a cryptocurrency mining association with more than 60,000 members, said that some miners have abandoned the rig due to the market slump. Meanwhile, not many people are interested in buying old buffalo, even though the price is cheaper than at the beginning of the year.

He estimated that if miners bought the machine late last year, each GTX 1660 Super would cost less than 20 million VND. Up to now, just selling "buffalo", diggers have lost 30-40%. "Some say that if they sell both the ETH they have mined in the past half a year and the buffalo, they will still not be able to recover their capital. If they continue to dig, they have to rotate the coin to pay electricity. In case of force majeure, they must sell cheap ETH, they will consider withdrawing, waiting for the market to recover," he said.

According to Mr. Nghia, to calculate the actual amount of money collected, in addition to the electricity bill, the farm owners must deduct the cost of equipment damage, replacement, depreciation of VGA, fire and explosion, time spent...

"There are 4GB AMD VGA rigs mining ETC that suffer from a power loss, have to stop working. And ETH miners can still continue to work as long as they have enough resources, don't have to sell cheap ETH to operate. As for those who borrow money to mine cryptocurrencies, now it's like sitting on a fire. Selling off will definitely make a loss and trying to dig up not enough electricity and profit," he said.

Tan Ha, a miner who went through the "crypto winter" period at the end of 2017, said that small miners who recovered enough capital may have considered stopping mining to monitor the market's signals. "Like other electronic devices, graphics cards also have a lifespan. It's not optimal if you keep the machine running while Bitcoin and Ethereum prices are low. Some people choose to withdraw electricity instead. and wait for the market to prosper to optimize the machine," said Mr. Ha.

According to him, large farmers who have recovered their capital can still continue to dig. After deducting costs, the profit is not high but not too bad. “In the long term, if the price of cryptocurrencies continues to fall, adding that Ethereum 2.0 launches in June, there is a high probability that the worst scenario of winter 2017 will return. Right now, miners need to calculate properly, prepare for the worst case scenario," he noted.
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