I just bought 5,000 mining machines to mine BTC, and the price dropped by $9,700. This is a "blood loss".

With the popularity of digital currency and the surge in the market, many people have gradually turned from online to offline. Mining machines have also ushered in a new era with the surge in digital currency .
As the global digital currency rebounds, Bitcoin is becoming more and more popular in the digital currency market. Some companies are also gradually seeing the business opportunities of digital currency mining. For example, a German Bitcoin mining company purchased nearly 5,000 mining equipment from Bitmain and Canaan Creative. Unexpectedly, not long after the agreement was signed, the price of Bitcoin fell from $14,000 to below $9,800. It can be said that the loss was heavy before mining began.
Due to the rarity of the digital currency Bitcoin, the competition is fierce, and the returns from Bitcoin mining in the market are gradually becoming disproportionate. Many owners who purchased mining machines have not earned enough from mining to cover the costs of mining. More miners are already unable to make ends meet.
So how much did the German Bitcoin mining company want to make a fortune by purchasing so many mining machines this time? However, what they never expected was that within a week, before the mining machines were even in hand, the price of Bitcoin evaporated by 35%... They watched helplessly as their profits were concentrated. Although concentration is the essence, in this case, concentration means losing a lot of money. Perhaps this German company did not expect that at this stage, when the world generally understands digital currency , the callback would be so severe.
In the short term, the profits from Bitcoin mining are no longer enough to support the miners’ profits, so they have gradually started to resell the machines.
In the long run, due to the constant total amount of Bitcoin, the mining in the market will become less and less, and the price will also rise as the scarcity of Bitcoin drives it up. However, if the capital is not enough to hold on until the day when the price of Bitcoin rises sharply, you may lose all your money.
Cryptocurrency mining is also a high-risk investment. It is better to follow the price of Bitcoin. Only by following the trend can you make money.
Going against the trend is often not beneficial. (Internet)