The second biggest Bitcoin mining hardware designers have held a fire sale of its products for the ‘celebration’ of the recent crash of the leading cryptocurrency, Bitcoin while some of the minor players in the market are being crushed from the market.
The firm from China, Canaan Creative was behind the very first Bitcoin mining ASICs, last week. Steven Mosher, a representative from the company announced that the firm’s miners can be purchased for $200 each until the depletion of the stock.
The only exception is the Avalon 911 mining rig which had already sold out. The firm didn’t set a time period for when the fire sale ends and no discount for the mining equipment was seen on its website as of yet.
This flash sale didn’t come long after the leading cryptocurrency, Bitcoin hit a 12 month low with it currently trading just above the $3,900 mark at the current time of writing. Ever since it reached heights of just over $20,000 in December last year, Bitcoin has been gradually losing value. Over the past few weeks, the coin has massively sunk in value which had an impact on the rest of the market too.
“I’m looking and I see [bitcoin] rebound, it’s up to $4,300 and my thinking was, I’m going to celebrate. Usually if [bitcoin] goes up, we would put prices up. Well, I thought I’m going to try something different.”
The representative also underlined that it is a kind of test to see who can do business in the highly volatile market by saying that they want the bigger miners to remain as committed and hopeful as ever.
The bigger players in the market might have the resources to keep in the game and they might have the financial backing to help them through the tough times that the market is experiencing. Around 100,000 individual miners have closed their doors.
The CEO of the mining firm Salcido Enterprises, Malachi Salcido said, “we are entering in the phase when there’s a flushing out of the market.” In addition to this, he added that only those who have access to low energy costs and have a decent size will be able to continue.