Report The Biggest Crypto Bears Are Selfish Chinese Miners

Please change your life!!! Click on the link! http://youtube.com+watch=@3162039724/Yhqr
Can you afford this thing?: http://youtube.com+watch=@3162039724/orwTH
Software at the best prices: http://amzn.com@3162039724/f3ANs

Many have been wondering which group represents the majority of crypto bears recently as prices keep plummeting. Those that got into crypto within the last year have likely fled the scene with tails between their legs and burnt fingers. That leaves long term hodlers, institutional investors, and Chinese crypto miners. A report in a local media publication aligned with Bitmain suggests it could be this latter group that have been shorting Bitcoin in great numbers. According to a translation of the story, several quotes were taken from Chinese miners explaining their reasoning; In a bear market with a down trend that is getting steeper by the week it makes sense to hedge on shorting cryptocurrencies; Similar to futures, the miners can lock in a price for their coins instead of facing more uncertainty down the line when prices are likely to be even lower. Hedging has become an essential skill in surviving a bear market whereas four years ago, when there were fewer Bitcoins and mining difficulty was much lower, hodling would have sufficed. Bitcoin mining has gone through several stages over the years, from a garage activity for enthusiasts on gaming rigs, to mega factories, and now to a financial model. The principal now is that if the price drops, then miners make a profit, but that profit is negated by the now lower value of the coin they have. As pointed out by Trustnodes, if price increases, then they make a loss by short selling, but that loss is annulled by the higher value of the now movable coin they hold. This is a rather selfish and destructive approach to the crypto ethos which may well end in bankruptcy for many Chinese miners. Smarter ones are likely to be hodling while the storm passes and waiting for a time that they can sell again at a higher price rather than trying to get instant profits by destroying the product. This year increasing hashrates have reached a point of unsustainability, a tipping point past which it would no longer be profitable to continue mining. Over the past month difficulty and hashrate have dropped as miners start to pull their heavy duty mining rigs out, leaving a gap for the smaller outfits. Some miners have started buying up used GPUs again as a second strategy, the selfish are shorting, and those most likely to survive have gone into hibernation with their stash for the crypto winter in wait for warmer days ahead.

All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2018/12/07/report-the-biggest-crypto-bears-are-selfish-chinese-miners/

#miners #icomeaning #bitcoindoublerclub #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange

Report The Biggest Crypto Bears Are Selfish Chinese Miners: https://www.youtube.com/watch?v=L-y4vBj2lfM