The Real Situation on the Ground
While it is true that the drop in bitcoin prices have made mining less profitable, it is not to the extent that some people would portray. We asked a local source, Hu Jie of Si Hua Mining, whether the pictures were real and what the situation was actually like. He commented that the videos and pictures were very likely to be real, but the description that went along with it was misleading and an exaggeration. The mining machines that you see in the picture are older models and this is standard practice in China when upgrading machines. The machines were obsolete and the plan was to upgrade them all along. It is definitely not because of the recent crashes in bitcoin price causing the mining industry in China to go belly up.
https://www.asiacryptotoday.com/chinese-mining-fud-manipulation-vs-the-real-situation/
#Cryptoprice #bitcoin #marketcrash #cryptonews #chinabitcoin
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