Tens of thousands of encrypted cash-digging machines in China were shut down as Bitcoin prices dropped.
Bitcoin digging in the United States and China is facing closure after the price of the codified coin goes down, meaning it is no longer profitable.
The world's most valuable codec is trading at around $ 3,700, after losing nearly two-fifths of its value in just one week.
Bitcoin - the process of creating a new electronic money unit by solving complex puzzles - requires enormous amounts of energy to provide computers with such calculations.
This means that the profit from pre-coding digs will decline as bitcoin prices decline, and if this price goes down too deep, digging money will not be economically feasible.
So far, the worst-hit US company Giga Watt has filed for bankruptcy under Article 11 this week after it failed to pay a $ 7 million debt.
According to CoinDesk, the company's bankruptcy filing said. "The company is losing its ability to pay and can not pay its debts when due. The company and its creditors will be best protected by a reorganization of the company pursuant to Article 11 of the Bankruptcy Law. "
In just one week, BitCoin price had two big declines when the pre-encoding market evaporated.
Most bitcoin digging is taking place in China, where electricity prices are at the lowest level in the world. Despite the low price of electricity, images and video clips of closed-source coding operations in the country are still spreading across the media.
According to SCMP, this week, Suanlitou, the Hong Kong-based money-digger platform, announced it would not be able to pay for electricity during the 10-day period of November.
Another group of Chinese encroached peers has said it has stopped operating 20,000 pre-coded diggers due to a drop in profits.
It is unclear what the future holds for the price of bitcoin, but analysts say it will continue to decline, while others expect the market to reverse before the end of the year.
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