And you, Brutus: Chinese miners shortat Bitcoin for hedging due to the falling exchange rate

In the last few months the price of BTC has fallen off significantly, which adversely affected the mining sector. According to recent reports, many miners in China open a short position on Bitcoin for the sake of hedging. Due to the low prices of many mining cryptocurrency has become less profitable. When the price of digital assets was higher, the miners much longer holding coins. According to a source from China, now everything has changed. Jin Xin said that many of his fellow miners began to short BTC in order to hedge in a bear market.

If I can get 30 coins in the next month, and a fall in prices will not stop, I placed a short position at the current price. While physical supply will be made only next month.

According to Gina, most of the Chinese miners use the same tactics to protect themselves from a bearish trend. And if they won’t do that, then soon many will be forced to curtail its activities.

Shorting and selling mining-racks

Jin also admitted that buying used miners and uses them until the brink of bankruptcy. Then mining-farm successfully dismantled and sold for parts. According to criptonita, the next bullrun it again purchase equipment and repeat the cycle.

Over the past three months, Hasrat BTC has declined significantly. Source: Bitcoin.com

Recently, the feasibility of mining and then is questioned on the background of falling prices scriptactive. Heraty mining SHA256 altcoins – Bitcoin and the Bitcoin fork Cash are significantly reduced. For example, since September of last year, the network of BTC lost 22 eczanesi. Recent headlines also read that SHA256 miners are selling in bulk, if only to escape from transaction costs.

However, such picture is observed not only in the stock market. According to analysts, this year the speculative tactics of the game for a fall in the markets of gold and silver in China also set new records. More data look at cryptodata.

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0 Comments on “And you, Brutus: Chinese miners shortat Bitcoin for hedging due to the falling exchange rate”

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