Small Bitcoin mining farms quit as older mining rigs become worthless. The mining competition increased after the bitcoin halving. This makes it harder for smaller mining farms to continue competing, according to reports from China.
Columnist Vincent He shares that a lot of large operations are migrating from thermal powered facilities to hydropower. However, the smaller farms are giving up.
A regional report shares that many miners are leaving and old machines are gradually becoming worthless following the bitcoin halving and volatility in bitcoin price. Additionally, columnist from China explained that some Chinese miners are choosing to mine other crypto assets with smaller market value.
A news publication reports that the number of pools cut in half and there are only 15 mining pools hashing bitcoin.