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Bitmex, the cryptocurrency exchange came out with a research report stating that the recent collapse of the cryptocurrency market has reduced daily receipts of cryptocurrency miners from $ 13 million in early November to $ 6 million at the end of November.
The study also found that the hash rate of the Bitcoin network fell more than 31 percent in a month, due to lower incentives for miners. The report is published on December 10, and notes that with the collapse of the encrypted prices that led to lower incentives for miners, it seems likely that equivalent to 1.3 million miners of Bitmain S9 have been turned off. This is only possible when the cost of electricity exceeds the income that could be obtained from mining operations.
The report also traced that two days before the Bitcoin Cash Hard Fork on November 15, 2018, some big miners unloaded the huge share in Bitcoin on November 12th. Continuing on this concept, the report states:
"Boltzmann found that the net sales of Bitcoin by miners were less than 17.5 standard deviations [the] Quarterly average of three months. "For further analysis, it appears that these miners may have been members of Slushpool."
The report concludes that the cryptocurrency mining industry is experiencing a very difficult period and it is very difficult for miners to keep costs down. The fall in daily income of $ 7 million is not a very positive sign for the industry, and moreover, those miners who have access to cutting-edge mining equipment from Bitmain will be in an advantageous position.
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