Why are so many people going bankrupt in mining (why mining is not illegal)

08/05/2023 06:42 • Crypto & Markets • 47 views

Why are so many mining bankruptcies today is a day when Bitcoin is halved, and mining machine sales and mining are the same. Why are so many people mining and going bankrupt? The reasons are as follows: 1. There is no profit to speak of; 2. The market environment is extremely opaque (with significant price fluctuations); 3. The sharp drop in currency prices has led to many people losing money; 4. The ‘one operation’ has caused many investors to lose their money. 1. It’s too hard for miners to make money

In the bear market, more and more project parties go to sea. For example, Bitmain bought the S9 series of Ant Mining Machines, but later Jihan Wu took away TSMC’s production capacity of 1T+, and Canaan Creative also completed layoffs recently. 2. After May, new products will be launched for trading, which means more companies have entered the mining pool field and entered the blockchain industry. 3. When there is a funding gap, it is also easier for mines to operate, so everyone should pay more attention to whether they can make a profit. However, due to the sharp rise in the market, it can affect the psychological health of investors. 4. The overall economic model of the mining industry is not stable enough, and most people are still losing money

Why mining is not illegal

Bitcoin mining is one of the important application scenarios of blockchain technology.

. In the network era, with the rising price of digital currency, the value of Cryptocurrency has been recognized by more and more investors, and people have invested or hyped it. For ordinary users, how can they avoid losses due to virtual currency trading? The answer is simple: it’s not illegal At present, many countries have a relatively conservative attitude towards the mining industry. For example, some parts of China have introduced relevant policies to restrict the use and use of mining equipment; Some countries also incorporate relevant measures into anti money laundering, terrorist financing, and other regulatory measures, so mining activities may belong to illegal business activities; Some government departments are also studying and formulating new laws to regulate the development and management of encrypted assets. So from this perspective, we can believe that due to factors such as China’s economic situation and financial stability, as well as the impact of the domestic epidemic, many enterprises and individuals are unable to participate in mining operations. But at the same time, if necessary, it is possible to consider investment environment construction projects with lower electricity costs or abundant power resources and low energy consumption. Babbitt

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Why are so many people going bankrupt in mining (why mining is not illegal)

Why mining is not illegal

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