Welcome to BeerMoneyForum.com - BIGGEST MAKE MONEY FORUM ONLINE

[highspeed]

Chinese Bitcoin Miner Producer Ebang, announces almost $ 7 Million losses in the first half of 2020!
Indeed, the measures taken to contain the coronavirus pandemic have heavily impacted the company's production capacity this year, even causing a reduction in terahash per second (TH / s) of hashpower, sold by 86% compared to the same period of 2019.
But nevertheless, Ebang, the Bitcoin miner, does not lose on the exchange.

 

[Niftyicon]

I really do not understand how they could be incurring losses when there is the claim that the market is being saturated with more bitcoin than usual which wasn't the case a few months back.

 

[AudraMiller]

I would assume that miners would still be profiting quite handsomely as they are able to still operate during the pandemic. And with the lower price that was experienced, this should have increased their profitability quite substantially.

 

[highspeed]

Chinese Bitcoin Miner Producer Ebang, announces almost $ 7 Million losses in the first half of 2020!
Indeed, the measures taken to contain the coronavirus pandemic have heavily impacted the company's production capacity this year, even causing a reduction in terahash per second (TH / s) of hashpower, sold by 86% compared to the same period of 2019.
But nevertheless, Ebang, the Bitcoin miner, does not lose on the exchange.

The actual explanation cannot be one. The cause of this loss is certainly associated to the covid-19 pandemic, which unfortunately is still afflicting the whole world.

 

[AudraMiller]

The actual explanation cannot be one. The cause of this loss is certainly associated to the covid-19 pandemic, which unfortunately is still afflicting the whole world.

May i ask what the link is between the mining power of a rig and the pandemic? It is my understanding that the mining power of the rig will still be able to operate normally even during the pandemic as it is just computers and hardware.

 

[highspeed]

May i ask what the link is between the mining power of a rig and the pandemic? It is my understanding that the mining power of the rig will still be able to operate normally even during the pandemic as it is just computers and hardware.

Sorry for the delay in replying, first of all.
I don't actually find a connection now. But nevertheless, I wonder why, in the month of last March, in full lockdown time, bitcoin lost 50% of its value?
Greetings.

 

[AudraMiller]

Sorry for the delay in replying, first of all.
I don't actually find a connection now. But nevertheless, I wonder why, in the month of last March, in full lockdown time, bitcoin lost 50% of its value?
Greetings.

I think that the drastic reduction in value could be that many people had to manage their finances and ended up selling bulk of their bitcoin investments, leading to higher supply and lower demand, hence the price drop. This is my theory though.

 

[Niftyicon]

I think that the drastic reduction in value could be that many people had to manage their finances and ended up selling bulk of their bitcoin investments, leading to higher supply and lower demand, hence the price drop. This is my theory though.

Your theory sounds quite logical and it was probably the situation of things back then during the pandemic and maybe it still is presently.

 

[highspeed]

I think that the drastic reduction in value could be that many people had to manage their finances and ended up selling bulk of their bitcoin investments, leading to higher supply and lower demand, hence the price drop. This is my theory though.

Well, it might still be a correct theory. You're not the first person who, now thinking about it, here on BMF, said the same thing as you.
People needed money in order to heal themselves. Health is the first vital necessity!
Unfortunately, from the latest news I read and listen to on TV (I am speaking from here in Italy where I live), the coronavirus pandemic situation is drastically worsening!

 

[AudraMiller]

Well, it might still be a correct theory. You're not the first person who, now thinking about it, here on BMF, said the same thing as you.
People needed money in order to heal themselves. Health is the first vital necessity!
Unfortunately, from the latest news I read and listen to on TV (I am speaking from here in Italy where I live), the coronavirus pandemic situation is drastically worsening!

Thank you for the encouragement with my theory. It is good to know that there are like minded individuals in the world and that it is a plausible theory.
I am sorry to hear about the pandemic in Italy and hope that the country is able to control cases and recover soon.

 

[Ewogboka]

The bitcoin miners losses hadn't come because of the pandemic except if he is not into mining activities either because of power outage or restrictions from government during pandemic. The update is incomplete .

 

[AudraMiller]

The bitcoin miners losses hadn't come because of the pandemic except if he is not into mining activities either because of power outage or restrictions from government during pandemic. The update is incomplete .

I think power outages are much more likely. With everyone being at home during the lockdown, in some countries the power usage has gone up and power companies are not able to meet this demand, hence outages. In such a case, the mining rigs cannot operate and this will result in losses. You are completely right and i think this theory makes a lot more sense to me.

 

[Josemendez]

Chinese Bitcoin Miner Producer Ebang, announces almost $ 7 Million losses in the first half of 2020!
Indeed, the measures taken to contain the coronavirus pandemic have heavily impacted the company's production capacity this year, even causing a reduction in terahash per second (TH / s) of hashpower, sold by 86% compared to the same period of 2019.
But nevertheless, Ebang, the Bitcoin miner, does not lose on the exchange.

How come about these losses since the market demand for bitcoin was not low for some time now and even when low they can store it and sell it later .

 

[highspeed]

Thank you for the encouragement with my theory. It is good to know that there are like minded individuals in the world and that it is a plausible theory.
I am sorry to hear about the pandemic in Italy and hope that the country is able to control cases and recover soon.

I see. Anyway, Italy has never had a high economic power among the countries of the European Union.
Obviously the COVID-19 pandemic has really worsened our economic situation!
But the population now has to think about their health in the first instance.

 

[Vladv26]

Well, pretty much all businesses were heavily affected covid and this pandemic. Expect for a very few industries everyone had lost money during the pandemy

 

[Wisdom01]

The actual explanation cannot be one. The cause of this loss is certainly associated to the covid-19 pandemic, which unfortunately is still afflicting the whole world.

The pandemic has really caused so many damages ,so am not suprised on why things are still going this way ,well could there not be a solution to stop the loss

 

[AudraMiller]

I see. Anyway, Italy has never had a high economic power among the countries of the European Union.
Obviously the COVID-19 pandemic has really worsened our economic situation!
But the population now has to think about their health in the first instance.

Health is of course the primary consideration and of the utmost importance. In my opinion i think many turn to bitcoin mining in these times, because it is simple and can be done without contact with other people, making it a safer source of income. Also the equipment is now widely available.

 

[highspeed]

Health is of course the primary consideration and of the utmost importance. In my opinion i think many turn to bitcoin mining in these times, because it is simple and can be done without contact with other people, making it a safer source of income. Also the equipment is now widely available.

Exactly. Furthermore, Bitcoin, being a cryptocurrency, it should, as far as I know, not be traceable.
I'm saying right?

 

[highspeed]

The pandemic has really caused so many damages ,so am not suprised on why things are still going this way ,well could there not be a solution to stop the loss

Well, I don't want to be too optimistic, but I've always been told that, for practically everything, there should be a solution.
In your opinion?

 

[AudraMiller]

Exactly. Furthermore, Bitcoin, being a cryptocurrency, it should, as far as I know, not be traceable.
I'm saying right?

technically that is how bitcoin is promoted as being a way in which it cannot be traced, and that is why it is commonly used as a transaction currency for criminal activities. Personally, i think to a certain extent it can be traced because you can away trace the ip address from which the wallet was accessed i think.