Usually, Bitcoin miners get rid of their gear because equipment is old and something newer is on the market, but it seems like now people are selling because they need cash flow. Echoing Offord, Andy Long, chief operating officer of Bitcoin mining firm White Rock Management, told Cointelegraph that miners who are selling equipment are generally doing so to cover debt payments for hardware bought when prices were higher.
Elliot David, head of climate strategy and partnerships at Sustainable Bitcoin Protocol — a green Bitcoin mining certification protocol — told Cointelegraph that he believes conditions for miners are going to get worse before things improve.
Indeed, some miners are making adjustments. For example, Jonathan Bates, CEO of crypto mining firm BitMine, recently mentioned in a press release that due to the sharp decline in mining rig prices, the firm will currently only focus on self-mining rather than hosting for others. Bitmine will also terminate the hosting agreement that it had established with TCC. This marks a significant decrease in price from when the units were initially sold.
In — during the height of the crypto bull run — Bitmine entered into an agreement with a telecommunications company located in Trinidad and Tobago. The agreement allows Bitmine to co-locate up to kilowatt containers for hosting miners over 93 potential locations. Bitmine is also able to co-locate containers at its own pace, paying a fixed amount per container, along with the electricity costs incurred by its containers.
This was based on the rate currently paid by the telecommunications company. In October of this year, Bitmine completed the installation of its initial hosting containers in Trinidad. Although the telecommunications company has protested this decision, Bitmine has chosen to delay the installation of additional containers in Trinidad until the dispute is resolved.
The future of crypto mining Given recent changes being made by miners, David believes that the crypto-mining industry is approaching a junction. Under the hood, it uses cryptography to transact anonymously and securely. Cryptocurrency is an emerging technology in which advancements take place at lightning speed.
To keep up with the latest trends and information, crypto enthusiasts need to visit the right platform. This is where blogs come into play. Cryptocurrency blogs offer extensive write-ups on state-of-the-art crypto events and their implications. This article will share the top twenty-five curated crypto and cryptocurrency blogs to follow for news and updates.
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