Chinese Miners to Expect Influx of New Bitcoin Buyers

By Rajat Gaur

Most of the leading Chinese cryptocurrency miners are expected to get new Bitcoin buyers. A majority of Chinese miners have a huge influx of new Bitcoin buyers. Considering the poll of crypto services firm RockX, on May 4 the states reached 57% of Chinese miners which expects a large number of new Bitcoin buyers to join the market in the near future.

RockX accounted for 42 leading Bitcoin miners and members of the Asian mining community. Respondents include TokenInsight partner Wayne Zhao, Pandaminer, Yu Chao, and Fan Xiaojun.

Over 71% of the respondents confirm that the market is gaining its confidence in Bitcoin. Moreover, over 45% of respondents believed that in the next half quarter, Bitcoin price will rise between $10,000 and $12,000 registering 24% of stay around $10,000 with low volatility and over 14% believe BTC will be worth over $15,000.

Furthermore, the respondents ought to believe that Bitcoin’s hashrate could change after the halving. Thus it also expects it in the range of 110 and 130 exahashes according to per day. This seems to what several crypto communities are analyzing. Cointelegraph accounted over 37% of the cryptocurrency community. However, this is anticipated Bitcoin’s hashrate to be higher than one month even after the block reward halving.

Chinese miners believe Bitmain Antiminer to be profitable after the halving. The Antiminer is the first Bitcoin mining application with an integrated circuit based 16-nanometer process chip, but considerably not the efficient machine.

Anti Lam, CEO of RockX dropped a statement on the wet seasons in China. This can help domestic mining farms to benefit from cheap hydropower and constantly operate with less and older efficient machines. The mining farms in China, the United States, and Europe phase out older machines. Bitcoin’s hash rate is expected to fall by 30% after the event.

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