The Bitcoin blockchain has experienced its third block reward halving. However, 45 types of crypto mining machines reached the shutdown price overnight, which means they were not able to cover the cost when they are turned on. The price of the best-known Antminer S9 dropped to 100 Chinese yuan (about $14).

In the crypto mining space, Antminer S9 used to be the king, dominating 70% of network hashrate, but now S9 is being eliminated.

According to F2Pool, with the electric charge of 0.3 Chinese yuan/kWh, the electric charge of S9 accounts for 140% of the whole cost. This means that the miner will lose 2.67 Chinese yuan in a day when S9 is powered on.

“Now, only when the price of the bitcoin rises to $15000, can Antminer S9 cover the cost. In the past, even if there were a mining disaster and the price dump of the mining machine, someone would still buy S9. Most of the recipients are the owners of large mining farms. When the bitcoin price recovers, they can mine it by themselves or sell it to others to earn the difference “

Said Wang Baoguo, a bitcoin miner in Sichuan Province, shut down a large number of mining machines, he began to look for buyers for his S9 a month ago, but no one has taken over.

In 2018, Zhou Wenbo, another bitcoin miner in Sichuan province entered the mining field and built his own mining farm. His mining farm has 8000 mining machines roaring day and night. However, just a week before bitcoin halving, he sold the mining farm, even the six transformers.

The buyer who takes over Zhou’s mining farm is not willing to buy his second-hand mining machines, including Antminer S9, Avalon 852 and Innosilicon T2. These mining machines are the main force during 2016 and 2018, with the computing power between 13T to 17T. But in the current mining space, they are all lag behind. According to F2Pool data, even if with the low electricity charge of 0.25 Chinese yuan/kWh, all three models of mining machines have reached the shutdown price.

After the bitcoin halving, not only the above-mentioned ones reach the shutdown price.F2pool data shows that by May 14, with electricity charge of 0.35 Chinese yuan/kWh, there are 45 models of mining machines that have reached the shutdown price, accounting for 49% of the total types of mining machines. Among them, there are some newly launched in recent two years, such as the first generation of 7nm mining machine Antminer T15, and the Canaan’s Avalon A1066.

Even the Antminer S19 pro, which has the best energy consumption control and the highest price of 20000 Chinese yuan must pay 48% of its cost to the electricity. And the cycle time of this miner is more than 600 days.

Bitcoin’s network computing power will naturally fluctuate when mining becomes unprofitable.

Bitcoin block data shows that since 3:00 a.m. on May 12, bitcoin block out speed has declined significantly. BTC.com data shows that the estimated value of bitcoin network hashrate on May 14 is 95EH/s, down 17% compared with 115EH/s on May 5. The reduced 20EH/s network hshate is equivalent to the sum of 1.53 million S9 computing power.