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Bitcoin Mining Company Shuts Down In China

NoLimits15

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Chinese mining operator Valarhash has shut down both of their bitcoin mining pools Bytepool and ITHash for high costs and low profitability. The mining company was launched in August 2019 in Chengdu, Sichuan. They provided a very high hash rate which is around 4000 petahashes per second. It's sad to see them shut down...
 
thanks for sharing this lovely information.. no wonder the bitcoin and the others altcoins drop back again.. because i have been wondering what's could be the reason.
 
thanks for sharing this lovely information.. no wonder the bitcoin and the others altcoins drop back again.. because i have been wondering what's could be the reason.
The sudden drop in almost all the cryptocurrencies value is mainly due to Corona virus. It's lockdown in many of the countries and people are not interested to put their money to Bitcoin or altcoins .
 
The sudden drop in almost all the cryptocurrencies value is mainly due to Corona virus. It's lockdown in many of the countries and people are not interested to put their money to Bitcoin or altcoins .
yes bro.. this corona virus is really messing with the whole world's.. hope the world is not coming to end because the rate the virus is killing human race to too much.
 
yes bro.. this corona virus is really messing with the whole world's.. hope the world is not coming to end because the rate the virus is killing human race to too much.
Yeah everyday it's increasing , and it's effecting everyone in the world , all the markets are closed , people are losing their jobs , and I hope cryptocurrency will maintain it's dignity.
 
Yeah everyday it's increasing , and it's effecting everyone in the world , all the markets are closed , people are losing their jobs , and I hope cryptocurrency will maintain it's dignity.
We all sure do hope too. This corona virus is truly wreaking havoc in the world to be honest. However, what is a hope of light is that there are reports that cryptocurrency is actually retaining its integrity in these times, and also that it is actually improving as more and more governments are looking for more decentralized online currency forms. Also, due to this pandemic crypto scams have also decreased so all this is definitely a plus.
 
This is the way businesses go. When once the cost is overwhelming and the profit can't match it, thete will be no need keeping at it to incur more debt. Shutting it down just like this will be the best decision.
 
This is the way businesses go. When once the cost is overwhelming and the profit can't match it, thete will be no need keeping at it to incur more debt. Shutting it down just like this will be the best decision.

Oh absolutely, especially in extremely difficult times such as recent times due to the COVID-19 disease outbreak, more and more companies are either going bankrupt or are just shutting down - including crypto companies.
 
it's so bad inforamtion for those two companies to be honest
I guess this happened because of the coronavirus problem because it affected many fields
so I guess investors pulled their money from those companies this is why
 
it's so bad inforamtion for those two companies to be honest
I guess this happened because of the coronavirus problem because it affected many fields
so I guess investors pulled their money from those companies this is why

oh yeah absolutely this can for sure be the case actually, but from what I had heard these two companies were pretty big in the crypto mining league so it is really a bummer
 
Oh absolutely, especially in extremely difficult times such as recent times due to the COVID-19 disease outbreak, more and more companies are either going bankrupt or are just shutting down - including crypto companies.
This is a way to go if more lossees don't need to be incurred. When once a business is going down for whatever reasons and there's no positive ways to revamp then letting it go will be the best bet.
 
This is a way to go if more lossees don't need to be incurred. When once a business is going down for whatever reasons and there's no positive ways to revamp then letting it go will be the best bet.

For sure, and it really sucks actually for most small and medium-sized businesses that have had to really survive in the market, now shutting down due to the drastic effects of recession
 
wondering if this could have an impact on the btc's halvening date and price , as alot of hashes were lost by the shutdown of this big company also following the current pandemic to add
 
wondering if this could have an impact on the btc's halvening date and price , as alot of hashes were lost by the shutdown of this big company also following the current pandemic to add
Ohh yeah I hadn't thought about this actually, it could really have a drastic impact to be very honest... because this company was a huge player in the market, but lets wait and find out though
 
I heard the information long time ago.. but anyway hope they come back on right senses and reopen it back.. because with that will really help the bitcoin price rise up back
 
Another bad news as a result of Covid-19! This disease is currently dealing with everyone in the world and as it is, there's no sign that the disease is going anytime soon... Hopefully, more businesses will not have to shut down as a result of decline in revenue. Companies in Nigeria are already sacking their staffs massively and also cutting salaries all because of this disease. At this trying times, all we just need is to keeping asking God for a quick solution to this menace before it consumes us all as African countries will be more affected due to their high poverty rate. God save us all.
 
Another bad news as a result of Covid-19! This disease is currently dealing with everyone in the world and as it is, there's no sign that the disease is going anytime soon... Hopefully, more businesses will not have to shut down as a result of decline in revenue. Companies in Nigeria are already sacking their staffs massively and also cutting salaries all because of this disease. At this trying times, all we just need is to keeping asking God for a quick solution to this menace before it consumes us all as African countries will be more affected due to their high poverty rate. God save us all.
It is appalling just read in the news where access bank Nigeria has shut about 335 branches Nationwide. this pandemic is really dealing with businesses and unfortunately crypto world inclusive.
 
Woow that must involved a lot of money there. Bad news it had to shut down but if it still profit I guess its worth it to save this. Hope they can get back in bussiness....
 
i guess due to the high payout rates it had, it went bankrupt, the bad management and plannings cause that always because people underestimate their career and future, i feel sad for them and i hope they recover quickly and back to us !
 
i guess due to the high payout rates it had, it went bankrupt, the bad management and plannings cause that always because people underestimate their career and future, i feel sad for them and i hope they recover quickly and back to us !

It's because bitcoin low price and increasing difficulties in mining, not to mention the halving event that has just happened a few days ago halved their mining reward.
 

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