600K-800K Bitcoin Miners Have Shut Down Recently

Bitcoin Mining

The Bitcoin (crypto) crash has had a HUGE impact on bitcoin miners. The founder of F2pool (Mao Shixing) said in a recent interview that between 600K-800K miners have shut down in just the last few weeks. First, who knew that there were that many miners out there and, second, what are all those empty basements going to used for now (go long ping pong tables)? Obviously this wholesale exodus is going to have a big impact on bitcoin not only currently but in months to come. Good? Bad? Time will tell but learn a bit more below.
Bill Taylor/Fintek Capital

“Between 600,000 and 800,000 bitcoin miners have shut down since mid-November amid declines in price and hashrate across the network, according to the third-largest mining pool.

In an interview with CoinDesk, Mao Shixing, founder of F2pool, said his firm’s estimate takes into account the total network hashrate drop and the average hash power of older mining machines that are having a hard time generating profits.

According to data from blockchain.info, the bitcoin network’s entire hashrate, which captures the aggregated computing power on the world’s first blockchain, has dropped from around 47 million tera hashes per second (TH/s) on Nov. 10 to 41 million on Nov. 24 – an almost 13 percent decline…”

Full Story at CoinDesk