China Has Closed Down Almost 800 Thousand BTC Miners

As we reported earlier, the collapse of the crypto market, and Bitcoin in particular, has negatively affected mining in China. We remind you:

Mining Industry in China Suffers From Loss Due To The Collapse of Bitcoin Price

Mining in China is quickly plummeting down. According to the approximate estimates, from 600 to 800 thousand mining facilities have closed down during this month. The functioning of mining is directly interrelated with the hashrate of cryptocurrency. Given the speed with which the hashrate of Bitcoin is falling, there might be no future for BTC mining in China, unless the situation changes.

Source: blockchain.info

Major mining pools and firms in China are now suffering from huge money losses. Thus, the recent collapse of the crypto market has influenced not only the price of cryptocurrencies, but also the way of their extraction.

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