Xu Feng, a Bitcoin mining farm operator in the Chinese province of Sichuan has stated that many of the miners who shut down in last October are getting ready to start running again.
“Large amount of bitcoin mining machines shut down during Sichuan’s dry season will start running again in the upcoming wet season. The number is expected to reach 1 million,” Xu told 8BTC.
The Bitcoin slump that characterized the market last year resulted in large amounts of Bitcoin miners going offline as BTC mining became more and more unprofitable. Now, however, Xu has stated that the hosting facility in his mines, including those that are still under construction, has been fully booked.
Xu has six Bitcoin mines in Sichuan, three of which are still under construction. Once completed, his six farms will be able to host 100,000 miners. However, Xu has stated that he only expects profits to kick in next year, following the Bitcoin block reward halving.
Following the decline of Bitcoin mining operations, Bitcoin’s hash rated dropped from a record high of 60.4E on November 1, 2018, to a low of 33E on December 9, 2018. With so many miners switching back on in a short space of time, a boost in the hash rate is expected which may also jumpstart the price of Bitcoin.
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