Crypto Miners to Sell Mining Devices by Weight in China

Additionally, F2Pool founder reports that tens thousands of devices were turned off after price drop
23 November 2018   379

The founder of the sixth largest mining pool F2Pool published a video in which a huge number of mining devices are simply unloaded onto each other near an unknown building. He also shared a photo of a person who allegedly sells or buys miners by weight from his WeChat account.

Note that some users are convinced that the video and photos captured the effects of the June floods in Sichuan province, when several large mining farms were allegedly destroyed.

The founder of F2Pool added that he was not sure exactly when the video was shot, but shared photos from his own sites, and said that tens of thousands of devices were disconnected, since bitcoin mining for some people was no longer profitable after the recent price collapse.

Hashrate of the Bitcoin network has shown a significant drop in the last 30 days. 

Chinese Miners to be Driving Force of Bear Market

Miners are playing short in order to get some profit
07 December 2018   114

As the 8btc notes, the new generation of miners are less likely to keep mined coins, preferring to hedge price risks by opening short positions.

To survive the notorious “cryptocurrency winter”, miners increasingly have to become experts of the financial market and risk managers, using the maximum functionality of trading platforms. Short positions sometimes harm the miners themselves, struggling to maintain profitability.

Everyone is short-seller, we do this for self-defense but that will lead to a further decline in cryptocurrency price… Without short selling, we will be eliminated ultimately, but if everybody keeps doing this, we will finally die together, which is quite heroic.
 

Jin

Miner, China

As noted by jin, he mines cryptocurrency partly on video cards. Miner began operations in October 2017. According to him, in the first two months, Jin Xin earned more than in the past three years in other areas of activity.

However, this year the situation has changed dramatically and the miner had to develop his own strategy for surviving in a bear market. To build capacity, he bought cheaply used GPU farms from those who wished to quit the game. Immediately after the price fell below the break-even point, Jin turned off the farm and sold the video card to video game lovers. After waiting for some price recovery, he again bought up video cards in the secondary market and sold them to miners.