The rapid collapse of Bitcoin prices that have occurred since the beginning of November have apparently dealt a serious blow to crypto miners in China, reportedly forcing many such small- and medium-sized outfits to sell their old mining rigs dirt cheap.
However, even though this development has led to the price of a mining rig dropping to about “one twentieth of what it was the same time last year”, it's turned out that few are willing to purchase such specialized equipment on the second-hand market.
As a result, many mining rigs have ended up being “dumped like scrap” by their owners or, as F2Pool owner claimed, getting “sold by weight”.
BRUTAL: this is what’s happening now in a China based mining site…. 😨😨 pic.twitter.com/gcN4lVTyBt— Dovey Wan 🦖 (@DoveyWan) 20 ноября 2018 г.
With bitcoin price already dropping below $5,000 earlier this week, the cryptocurrency’s value has taken a further dive, to about $3,750.