Tens of thousands of Bitcoin miners may be sold off

A series of Bitcoin "buffaloes" may be pushed to the market, adversely affecting miners' psychology after Celsius filed for bankruptcy.

Miners may continue to drop in price. Photo: Bloomberg

The cryptocurrency market continues to receive bad news. After several investment funds announced their closure, last week Celsius Mining - a major US Bitcoin mining company - also filed for bankruptcy. In the dossier sent to the authorities, Celsius Mining said that it owns 80,850 machines with 43,623 active devices. The company originally planned to operate about 120,000 rigs and collect over 10,000 Bitcoins by the end of the year. Bloomberg rates Celsius Mining as one of the largest Bitcoin mining companies in the world.

According to analysts, to solve financial troubles, Celsius could sell these Bitcoin miners for cash. This will immediately affect miners worldwide.

“The sale of Celsius Bitcoin miners will add further downward pressure on already very cheap machines,” said Matthew Kimmell, digital asset analyst at CoinShares. Many Bitcoin miners have dropped by as much as 50% from the last bull run. Miners are struggling to repay the advance orders. Others are struggling between selling their losses or continuing to wait for the price of Bitcoin to rise again. When there is a large amount of miners on the market, the average price will drop and Bitcoin miners will be the ones that will be directly affected.

This week, a number of Texas-based cryptocurrency miners have shut down due to grid-related stresses. Ethan Vera, Chief Operating Officer of crypto mining service provider Luxor Technologies, said: “If it goes out of business, crypto miners could suffer a loss of 60-70% of their investment. initial".

Last month, Celsius Mining sold at least 7,000 mining rigs to the market through a private auction. It is not clear whether the company will continue to sell the remaining machines or continue to exploit. Company representatives did not respond to requests for comment.

According to analysts, Celsius Mining is looking to restructure to keep a part of the miner to continue mining Bitcoin and repay the debt from the initial $500 million investment package. “Many miners are in trouble as the Bitcoin price is down 70% from its peak in November last year. However, the machines liquidated by Celsius can still be a good opportunity for ranchers looking to expand their operations. However, at this stage, few parties dare to expand their operations, most of their cash has been wiped out to cover operations," Kimmell said.

Before that, a large number of old graphics cards were also pushed to the market by Chinese miners but could not be sold despite the sharp drop in prices. The wave of selling off graphics cards for cryptocurrency mining took place around the world, causing card prices to also plummet, close to the manufacturer's suggested price.

Via Bloomberg

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