Report: More Chinese Miners Selling Short Following Crypto Market Slump

Chinese miners are reportedly turning into the most important short-sellers of BTC within the present bear market.

Chinese miners are reportedly turning into the most important brief sellers each domestically and internationally, following an elevated variety of hedging operations within the present bear market, Chinese crypto outlet 8BTC reported Thursday, Dec. 6.

The extreme cryptocurrency market decline within the final month has reportedly precipitated new technology miners to start out hedging their cash to keep away from market dangers. At the identical time, frequent hedging operations make miners the most important brief sellers of Bitcoin (BTC), in accordance with 8BTC.

Jin Xin, a Chinese miner who entered the business in October 2017, reportedly stated that the earnings from mining he made within the first two months are “far more” than the entire earnings he made prior to now three years by means of different enterprise. Jin stated:

“If I mine 30 tokens within the subsequent month, whereas its worth might proceed to fall by one other 10 % in accordance with the present pattern, I shall place a brief order on the alternate to promote them at present worth however ship one month later.”

Jin reportedly developed his personal technique to face up to the bear market. He buys already used graphic processing unit (GPU) miners to spice up his machines’ efficiency. Once the “shutdown worth” is reached, Jin energy down the tools, removes GPU chips and sells them to sport gamers.

As Cointelegraph reported in late November, cryptocurrency mining operators in China are reportedly promoting mining tools by weight, versus worth per unit, because the market hunch had resulted in a big drop in mining profitability. Crypto miners had been reportedly particularly desperate to promote the older fashions, together with Antminer S7, Antminer T9, and Avalon A741, as these have reached their “shutdown worth.”

Also in November, U.S. know-how large Intel filed a brand new patent for “energy-efficient high-performance Bitcoin mining.” The patent is devoted to a “{hardware} accelerator implementing SHA-256 hash utilizing optimized knowledge paths” and goals to cut back vitality for BTC mining by as much as 15 %. The doc states that “clusters of SHA engines might devour lots of energy (e.g., at a fee of larger than 200 W).”

Original supply: https://cointelegraph.com/news/report-more-chinese-miners-selling-short-following-crypto-market-slump

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Source: BTC Upload