One of the largest mining companies in North America has pulled the flag of bankruptcy after the block prize halving.
The huge impact of the bitcoin block reward halving in the mining industry is emerging. HyperBlock, a large Canadian-based mining company, has pulled the flag of bankruptcy .
The company closed 20 megawatts of mining facilities after halving. In the press release on the subject, it was stated that the halving of mining awards on May 11 significantly reduced the mining awards won by the company.
The half-way incident led HyperBlock to no longer be able to profit from Bitcoin mining. HypherBlock also reported that it has terminated the long-term agreement with electricity provider Energy Keepers to take effect on May 14th. Moreover, the company, which announced that it could no longer meet its financial obligations, appointed a board of trustees to reach a compromise with its creditors under the Canadian Bankruptcy Law.
As of December 2018, there were more than 13 thousand mining devices at the mining facility. It is stated that the residents of the region frequently complain about the noise created by the facility. In addition, the facility consumed one third of all electricity consumed in the district where it was located for a year.
Blockchain.com data shows that the hash rate has dropped 25 percent after halving . The hash rate, which was recorded as 136 kentillion per second on May 10, is 102 kentillion by May 18. This drop in the hash rate indicates that miners are withdrawing at the same rate from Bitcoin.