Cryptocurrency News

Crypto Market Crash Compels Miners to Sell Their Digital Assets, Machinery

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Since the past week, Bitcoin dropped more than 30% of its actual value. The fall in Bitcoin price has increased the pressure on miners to sell their coins. Since October 2017, this is the time when Bitcoin was seen at the lowest level.

Some large US-based mining firms are also facing the pressurized situation. On Wednesday, November 21 in Washington, it was reported that a US-based mining firm had registered for bankruptcy while it owes beneficiaries about 7 million USD.

According to another report on Thursday, a China-based mining F2Pool figured out that the range of machines used in mining pool business has now come under the non-profit category and it is worthless to operate them in China, heading to a flood of these mining machines being marked for sale indirectly in the second-hand market.

However, some people are finding opportunities when miners are suffering a downfall. According to another article, a China-based small trader Jack Liao from Bitcoin mining firm Lightning ASIC has grabbed this opportunity to purchase the second-hand mining machines at the lowest prices.

At the same time, according to Nikkei, Ebang International Holding, and China’s Bitmain Technologies Holding, the greatest Bitcoin mining machine makers in the world have been expecting to chase peers in delaying described floats on the crypto market. However, analysts believe that regulatory market liquidity has messed up plans of cryptocurrency companies to sell off their shares.

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