With bitcoin falling down, Russian miners get rid of equipment. But not only the price of cryptocurrency fell. The demand for mining equipment also declined.

Better a small fish than an empty dish

On November 19 and 20, when the bitcoin price sank heavily, the number of announcements about the sale of mining equipment on the Russian ads service Yula increased by 25%, according to Yula's statistics.

In general, since the beginning of the year, the number of searches for video cards for mining has fallen by 24%. Mining farms were searched 2.5 times less often, and Asic Antminer is now looked for three times less frequently than in January.

Since the beginning of the year, prices for cryptocurrency mining equipment have also decreased almost twice. If at the beginning of 2018 the average cost of a mining farm was 240,000 rubles ($4,000), then by November it fell to 150,000 Rubles ($2500), that is, by 37.5%.

Miners suffer losses

In November, when bitcoin fell below $5,000, more than 600,000 bitcoin miners stopped working. According to the founder of the mining pool F2Pool, from mid-November approximately 600,000-800,000 miners were switched off.

Since 10 November, the bitcoin network's hashrate decreased from 47 million terahash per second to 41 million by the end of the month.

In September, The CEO of China-based crypto mining pool F2Pool posted information about the cost of cryptocurrency mining on various mining devices. Thus, the cost of mining one bitcoin on the Antminer S9 was 30,262 yuan ($4,424), while mining bitcoins on older Antminer S7 and Avalon A741 costed $11,594 and $6,460, respectively.