Survey: 71% of Chinese Miners Believe That the Worst for Bitcoin is Behind

More than half of Chinese miners expect an influx of new Bitcoin buyers after halving. 71% believe cryptocurrency has regained market confidence. Such data leads the company RockX according to a survey.

It was attended by 42 representatives of the largest Asian mining companies and communities, according to the company.

Expecting the bull market after halving, only 14% of respondents suggested Bitcoin would rise above $ 15,000 in the next six months. 45% of respondents believe that the price of BTC will be from $ 10,000 to $ 12,000. 24% see cryptocurrency at the bottom of the range.

Bitcoin Network Processing Power

More than 57% of miners do not expect a significant decrease in hash rate after reducing the block reward. In RockX, on the contrary, it is believed that the processing power of the Bitcoin network will drop to approximately 90 EH/s. On the eve of the hash rate updated its historical maximum above 140 EH/s. 

The company is confident that as a result of the halving, Chinese miners will strengthen their positions. The event coincides with the start of the rainy season and access to cheap electricity for them. The COVID-19 pandemic made it difficult for farmers to get new, efficient equipment in North America and Europe, RockX said.

According to Coinmetrics, about 23% of the bitcoin network hash is provided by Antminer S9s. According to Alejandro de la Torre, Vice President of the Poolin pool, devices will become unprofitable after halving, and miners will turn them off. 

Read more about Bitcoin halving here…

Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.