Bitcoin Miners are Selling Old ASICs for Scrap Metal as Price Decline Hastens Obsolescence

To some observers, the video and images demonstrated that crypto miners — even those located in China, where low energy rates provide greater profit margins — were beginning to feel the pinch from bitcoin’s prolonged bear market. If miners were dumping ASICs on the street, it not only meant that the bitcoin price had reached their “shutdown-mark,” the point at which miners can no longer turn a profit running the machines, but also that they didn’t think these devices would ever be profitable again.

Others alleged that the pictures had actually been taken in July following a flood that destroyed thousands of mining rigs hosted in China’s Sichuan province and that the original posters were spreading them to stir up FUD. However, as tends to be the case, the truth is likely a bit more complicated.


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