The representative of the mining pool F2Pool reported that in the period from November 14, when the cost of Bitcoin began its decline from $ 6300, the number of mining installations connected to the network decreased by about 700,000 units. According to him, the extraction of digital gold using old devices at the current price has ceased to be relevant.
Against this background, the F2Pool hash rate of the pool decreased by 10 percent, and its share in supporting the operation of the BTC network is 12 percent.
The current decrease in the hashrate is associated not only with a decrease in the price of Bitcoin, but also with the onset of winter. Given that most of the miners are in China, and the cost of electricity there has increased by about 50%, the extraction of digital gold has become even more unprofitable.
Earlier, analysts reported that the extraction of Bitcoin will cease to be cost-effective, after a decline to the level of $ 6,000.