Report: Bitcoin price drop forces 20% of miners to shut down equipment, miners' gross profit margin dropped to 39% last week

The latest report from research firm Diar points out that despite mining revenue exceeding $500 million this year, two major miners, BTCC Pool and Giga Watt, have filed for bankruptcy, with the latter owing about $100,000 to $500,000. The mining costs and wholesale electricity costs of Antminer S9 In the best case scenario, miners need a 30-45% gross profit margin to remain profitable. From August to November this year, the average gross profit margin of miners was about 56%. The decline in Bitcoin prices forced 20% of miners to shut down their equipment, and the average gross profit margin of miners fell to 39% last week.