Why are some miners throwing the towel in ?

[Mlc]

Hey everyone 

Im sure most of you guys are following the news regarding the drop in bitcoin value , 

I am the same, in fact I read almost anything that remotely concerns crypto currency, knowledge is power and all that !!

Anyway , Lots people are are indeed panic selling there precious bitcoins and to make matters worse , some miners are going as far as selling there mining rigs?

Here are some interesting facts and difficulties miners are facing today 

“Based on estimates from the most sophisticated Bitcoin miner, the Antminer S9i, mining a single Bitcoin takes roughly 51,000 kWh, the equivalent of one day’s electricity consumption for 1700 residential homes.

At a standard electricity rate of $0.12 per kWh, mining one Bitcoin costs $6100.” Source https://cryptoslate.com/bitcoin-miners-ruined-by-downturn-selling-hardware-by-the-pound-giga-watt-files-bankruptcy/

What are your thoughts on this , I’m slightly concerned but not panicking, one mining company selling off is not the be all and all right ? 

Be nice to read any feedback ❤️

 

[peel1]

hope there selling the miners cheap cuz ill buy them lol and wait till mining is profitable again and sell them  for double lol

[williamshennie9]

These days, the only way you can mine profitably is if you have free equipment, and you get free electricity. If you don't have both of these, mining will not be a profitable venture for you, unfortunately.

[Kate]

Sad to say that mining Bitcoin isn't profitable at this price of Bitcoin. But if the price rises to 7100$ I guess it can be profitable again. Mining's main concern is electricity which is expensive so it's not profitable now.