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- The Bitcoin miners are now speculating all their investment on the Bitcoin mining rigs have become waste after the recent crash in Bitcoin.
- The miners were hoping that Bitcoin will increase in market value after the Bitcoin halving.
- Things have now turned upside when the price crashed below $5000, Bitcoin Miners are now worried over their investment on equipment up-gradation.
The Bitcoin miners are now speculating all their investment on the Bitcoin mining rigs have become waste after the recent crash in Bitcoin, which dropped its market value exactly to a half.
The miners were hoping that Bitcoin will increase in market value after the Bitcoin halving. However, things have now turned when the price crashed below $5000. The miners have spent more than $500 Million whole together for the updated version of mining equipments for optimized performance post the halving of Bitcoin.
Mining Equipment Upgradation Amid Upcoming Having in May
The mining rigs are almost upgraded to new ones for increased performance so that each rig mines a maximum of the Bitcoin. Every time Bitcoin goes through halving, the reward price for the miners halved from the previous value, and hence it requires a lot of computing power each time to gain profit.
The mining companies provide the updated rigs that have previously invested more than half a billion dollars in developing the new mining machines for the upcoming halving of Bitcoin. With the popularity of Bitcoin and other crypto increasing in the market, the same for Mining and mining rigs and updated equipments are also on in the rise.
The products demand for the rigs have increased and have surged through roof says individual companies dealing in selling and service of theses mining rigs. The old mining equipments become unprofitable after the halving as the performance optimized for the previous reward, and the parts and equipments in the rig have become outdated at that time.
With the new and advanced miners of Bitcoin such as Antminer S17 pro and Whatsminer M20s only mine with a 50% profit margin currently because of the crypto market crash. If Bitcoin doesn’t scale back before or after the Bitcoin halving, the rewards on Bitcoin mining will significantly decrease and the user activity as well with the forecast of loosing of the investments.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
