BTC Miners Under Cross-fire, 1.3 Million Left the Market
Bitcoin has lost more than 80% of its value since the beginning of 2018. But the miners did not immediately feel the collapse and the BTC network hash rates grew. At least until the last sharp price drop.
According to a BitMex study, since the beginning of November, when the collapse hit the market, the number of hash rates in the BTC network fell by 31%. This is roughly equivalent to the 1.3 million Antminer S9 that left the market.
One reason for this may lie in a significant drop of miner incomes. At the beginning of November, the miners generally earned $13 million per day, by November this figure had fallen to $6 million. Moreover, some of the miners flee the market without even waiting for the mining difficulty adjustment. For example, for from November 28 to December 3, the number of mined blocks plunged by 21.8%.
According to BitMex, almost all miners work at a loss. Some of them sell cryptocurrency to get at least some profit and reduce losses.