F2Pool Founder: 800,000 BTC Miners Exited the Market
Mao Shixing, the founder of F2Pool, said that from 600,000 to 800,000 BTC miners had stopped working, because of the collapse on the cryptocurrency market.
According to blockchain.info, since the beginning of the cryptocurrency market collapse, the hash rates in the BTC network have fallen by 13% - from 47 million terahashes per second to 41 million.
Mao Shixing claims that this is a result of the exodus from 600,000 to 800,000 Bitcoin miners from the market. Most of them utilized obsolete mining equipment like Antminer T9+ and AvalonMiner 741. The average power of these devices is 10Th/s. It means that miners using such equipment are bearing losses in the current market environment.
F2Pool is one of the largest mining pools in the world. It accounts for more than 11% of the total number of hash rates in the Bitcoin network. Mao claims that since the beginning of the sharp price drop, F2Pool’s BTC hash rates have fallen by 10%.
According to Mao, along with the fall in the number of hash rates in the BTC network, the difficulty of cryptocurrency mining also changes. Usually, the difficulty revision takes up to 14 days. And those miners who decided to continue working "may have a better life."
The collapse in the cryptocurrency market began on November 14. Since then, BTC has fallen in price by more than 40% and even reached the annual minimum of $3,668. The total market capitalization decreased by almost $90 billion. On November 26, there was a slight recovery in the market, and the price of BTC now holding around $4,000.