The price of cryptocurrency mining hardware Cryptocurrency is likely to continue to decline in the near future. Amid the ongoing crypto winter According to the executives of major Bitcoin (BTC) mining company F2Pool.
F2Pool is one of the largest Bitcoin mining pools in the world. By on Tuesday, F2Pool has launchedLatest Mining Industry Update Report
The F2Pool report focuses on BTC mining results for June 2022, stating that most Bitcoin mining companies such as Core Scientific have recently chosen to sell their mined Bitcoin.
Bitfarms, a major Canadian BTC mining company, sold over 3,000 Bitcoins, or nearly 50% of its total BTC holdings, for $62 million to reduce its credit limit in June.
“We studied nearly 10 publicly traded industry miners and found that they all honestly told everyone they were selling their mined Bitcoins,” said Lisa Liu, Director of Development. F2Pool’s global business writes in the report.
She added that the proceeds from the sale It will be used for operating expenses and to increase capital. as well as to reduce the obligations under mining equipment loan agreements and various loans
Liu continued: Only a handful of miners are publicly traded. claiming they will stick to the long-standing HODL strategy. This includes companies like Marathon, Hut 8 and Hive Blockchain Technologies. “Hive in particular doesn’t have huge debts. including ASIC devices and GPUs,” she added.
The executive also said that The price of ASIC miners has dropped drastically over the past few months. By the beginning of June, the prices of flagship and mid-range ASICs 70% down from the all-time high.In the $10,000–$18,000 range
At the time of writing, the price of the second-hand Bitmain’s flagship Antminer S19 Pro issellOn Amazon in the $4,000–$7,000 price range while the first-hand price still sells for more than $11,000
ASIC price will continue to fall This could prompt a large number of new miners to exit the market, with Liu speculating:
“We think ASIC prices will continue to fall even if they have dropped sharply since the peak. If the owner of the device can no longer bear the burden A large group of novice miners who jumped in last year will probably have to leave the market.”
Liu stressed that such a situation would be “Worst-case scenario” as F2Pool wishes to see “Every miner can get through this cold winter.”