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How cryptocurrency miners are adjusting and trying to overcome the bear market
The recent state of the market has indeed been a bad experience for encryption miners and investors. Many crypto-miners have long tried to make small profits in the bear market for some time now. Some crypto-miners lost hope and therefore left the crypto-market. But despite all the events in the cryptography market, experienced miners continue to make huge profits every day.
The crypto-market is taking its toll on crypto-miners
The best cryptographic ministries in the cryptocurrency sector do not find it easy. However, Bitman, a crypto-mining company based in China that fired for an IPO boost recently announced that it would officially shut down its Israeli development center.
Bitman vice president for international sales and Israel branch, Gadi Glikberg, says:
"The crypto-market has been shaking in recent months; as a result, he forced Bitman to look at his activities around the world and to strengthen his business in accordance with the current market situation".
It is important to know it The new decision by Bitman he made the future of his IPO push to appear gloomy.
Bitman is not the only cryptocurrency company to be affected by the current trend of the crypto-market, many operations and mining drilling rigs have also been closed in China due to the bear market.
With this in mind, Matt D & # 39; Souza, the co-founder of Blockware solutions, which also holds the position of one of Aion Network's biggest mining basins, said the bear market caused many mishaps for cryptographic miners, but the high qualified ones are getting more profits despite the bear market.
He also pointed out that miners who bought mining rigs between the third quarter of 2017 and the second quarter of 2018 are those who are facing major losses in the market now. He also noted that when these miners purchased large oil rigs, Bitcoin was worth more than $ 9,000; The S9 was worth more than $ 2000.
The Crypto Market is now a place only for the strongest
With the current trend in the market, it is now a game of the fittest as inventive individuals / miners observe past mistakes of others and then, not making the same mistakes. These innovative individuals now limit their transaction costs so they remain competitive in the market, until there is a turnaround in the market.
Normally, individual miners pay $ 0.13 per kWh to mini cryptocurrencies. A report by Blockware US states that these innovative individuals have now reduced operating costs to around 40% in the current bear market. D & # 39; Souza said:
"Miners who reduce the cost of operations and move into a 2-year contract at the current market rate are equivalent to an investor who purchases Bitcoin at $ 3,500 with a two-year hosting contract."He also added that"the miners are securing an average of $ 60- $ 75 / month for S9 and paying $ 265- $ 340 for the mining platforms they buy".
Geopolitical tariff between the United States and the Chinese government
Subsequently, a significant point to consider is the geo-political tariff that exists between the United States and the Chinese government. These rates could make mining operations unprofitable. However, it is desirable that when the market reaches its momentum, the miners may be able to prosper again.
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