Miners are closing... (video)

[dothebeats]

IMO this is just normal considering that some miners might have bought their machines during the climb, which explains that the machines' price were somewhat outrageous. Some small miners are also shutting down for obvious reasons, and poor hindsight as well since some miners thought that it will be always a sunny day for crypto, and have invested loads of money into machines due to greediness. This, perhaps, is just a failure in one's business model without considering factors of losses and whatnot.

[Olaiasal11]

It is very sad. Minneser stopped mine because of the decreasing bitcoin prices in the market. They have to read regularly in Loses. They can not pay electricity bills. China's biggest minner is forced to shut down their firm because they can not profit from this.

[Infinixhot1996]

As long as the price continues to fall further down the lane, we'll still get more and more miners shutting down their rigs,as they can no longer make up the the amount spent or is to be spent on mining bitcoins.Its really sad for this network.

Just as sad as it is for investors who bought at extremely high prices and are at a significantly huge loss,with no profit in sight,and just simply hoping to break even.
High expectations most times in this network ends up being our bane

[kelz1]

Closing down the warehouse will remove rental expenses but there isn't a need to sell the mining gear. It will be useful when the prices rebound, unless he has not sold any bitcoin and kept any savings

[Kakmakr]

Running a Cloudmining business like that is a huge risk. You have a lot of factors that must be perfect for you to make a profit, because you are sharing the overall profit with the people that bought the contracts.  

A lot of these guys made a lot of money when the Bitcoin/Alt coin prices was high, but the profit margin decreased a lot, since the prices has dropped and some of them are simply not surviving with these narrow margins.  

Cloud mining operations is an exact science and a lot of people are failing.  

[hubballi]

If he started his Mining in recent times then he should have known the difficulty and expenses of mining and what outcome of profit it should get. Now crying is totally waste. Their are still lot of miners who started long back are still running as they have earned lot of in low value, It is totally pity that he got loss. Instead he could have purchased BTC and started trading which would have given more profit.

[glowing10]

Closing down the warehouse will remove rental expenses but there isn't a need to sell the mining gear. It will be useful when the prices rebound, unless he has not sold any bitcoin and kept any savings

In our country it has closed almost a year back itself as people started facing a cash crunch . Rentals where high , electricity costs is high which results in the ROI to be couple of years. Also with coins value dropping it is not a ideal to mine anymore and just run in losses .

[biskitop]

very sad, I see this happening in my country some miners try to sell their VGA at cheap prices.
this is an unpredictable risk and almost all miners suffer losses this year.

happens a lot, not in your country, in my country too. in fact, almost all miners around the world sell their vga because they want to stop trading bitcoin. there is no best solution to overcome this falling market. I hope the bitcoin ethics is quickly accepted and can make bitcoin even better.

[Red-Apple]

very sad, I see this happening in my country some miners try to sell their VGA at cheap prices.
this is an unpredictable risk and almost all miners suffer losses this year.

happens a lot, not in your country, in my country too. in fact, almost all miners around the world sell their vga because they want to stop trading bitcoin. there is no best solution to overcome this falling market. I hope the bitcoin ethics is quickly accepted and can make bitcoin even better.

why do people on this topic keep talking about VGA and bitcoin mining as if they are related!!! do you people honestly don't know that bitcoin is mined using ASICs not VGAs?
VGA mining ended years ago and now you can only mine altcoins with VGA not bitcoin and because of the hard crash of altcoins in addition to lack of faith in their future people give up on them easily. specially miners.

[munareal]

mining is not profitable now because of the present value of bitcoin. It is cheaper to invest in the coin that to mine it.

[nazaididuan1]

The price of the cryptocurrency is not enough to sustain the cost of daily mining! So these miners are leaving the mine!
However, some countries have cheap electricity bills, and some people continue to mine. As long as the cryptocurrency still exists, there are miners!

[fileo]

Does he not have enough money to keep it somewhat running? He mentioned he had this in 2013. I personally do not know much about mining as my team and I are marketers and developers, but if he was around in 2013, that means he must have reaped the benefits of the last bubble about a year ago. Is he just giving up or just out of money?

Probably, he lost all of the money from last 3years past. It is also possible that he just want to leave cryptocurrency as it is still declining. I assume one the market will get back on trac. He will definitely get back again.

[greeklogos]

The most disappointing news is that the most of new miners joined to crypto mining after phenomenal results of bitcoin and other crypto of the last year. I have a friend who borrowed money to buy a mining machine and after a year of mining and falling prices for crypto he is still in minus. But crypto fell down deeply for many times already, so probably this is just happening one more time.

[aad140386]

Unfortunately, the reality is that getting cryptocurrency becomes economically unprofitable. In Russia and Ukraine, the cost of production is now bordered by the cost of electricity costs. As far as I know, in other countries the situation is much worse. The problem also lies in the fact that the equipment that miners are now trying to sell to no one needs at any price. Cryptocurrencies at the bottom, and when no one knows the growth begins. Mining farms are sold almost free of charge. Now a mining farm for 7 video cards can be bought for $ 800. And this is not the cheapest price.

[Get-Paid.com]

Many miner have stop earn bitcoin by mining, they have stop because bitcoin and altcoin really at lower price and cost of mining tool more expensive than what have they earn from mining, maybe they will sell mining tool cheaper.

What was the cost of mining when Bitcoin was worth only $200 ?

[casperBGD]

yes, he lost some money, but he will be in for new round of investors when the market turns bullish, it is usual in all types of business

BTC is up 3x compared to 04/2017, and difficulty from that period did not rise more than that, so business model today is more viable than in that period, and people invested than, so just another story, without real meaning

[Wingo]

This is very sad to see. They did not anticipate that the market will go down and mining will slowly die. The PoW protocol is not economical, big blockchains like Ethereum is now migrating to PoS and it is killing the miners, this is their answer for scalability issues.

I feel sad for these people who failed in their dreams, so many dollars wasted and so many time ended up in trash just to acquire those materials and it is all gone because of the market crash. I feel sorry for them. But we all have to move on, this is part of the process of blockchain/cryptocurrency adoption.

[Shanu shan]

ohhh really sad to see this... why like this is there any option to get back or any other ways to get coins from crypto...

[Naughty Princess]

mining is not profitable now because of the present value of bitcoin. It is cheaper to invest in the coin that to mine it.

Miners have better stop and invest directly in bitcoin than mining that the cost is expensive. But selling their equipment is not a good idea to have something to invest because that will worth and need again when the price pump up. Cloud mining sites should not shutdown but wait also, it will not going to stay in this situation.

[AGD]

We need to praise Satoshi for the difficulty adjustment.