Several prominent Chinese cryptocurrency miners expect a wave of latest Bitcoin buyers following the halving.
A majority of Chinese miners expect an enormous influx of latest Bitcoin (BTC) buyers within subsequent six months.
According to a poll by crypto services firm RockX on May 4, 57% of Chinese miners expect an outsized number of latest Bitcoin buyers to hitch the market within the near future.
RockX claims to possess polled 42 prominent Bitcoin miners and members of the Asian mining community. Respondents include F2Pool chief operating officer Yu Chao, TokenInsight partner Wayne Zhao, Pandaminer and OXBTC CEO Wilson Guo and Bitmain APAC head of sales Fan Xiaojun.
Over 71% of the respondents also believed that the market has regained its confidence in Bitcoin. Furthermore, 45% of respondents believe that within the next six months, Bitcoin’s price are going to be between $10,000 and $12,000, nearly 24% think it’ll stay around $10,000 with low volatility and over 14% believe BTC are going to be worth over $15,000.
Miners’ outlook on profitability is optimistic
Most (over 57%) of the respondents also believe that Bitcoin’s hashrate won’t change significantly after the halving, and expect it to be between 110 and 130 exahashes per day. consistent with Bitcoin network analytics website BitInfoCharts, as of today Bitcoin’s network currently features a hashrate of 127 exahashes per day.
This seems to fall in line with what many within the crypto community are thinking. As Cointelegraph recently reported 37% of the cryptocurrency community expects Bitcoin’s hashrate to be higher one month after the block reward halving than it currently is.
A majority of Chinese miners also expect Bitmain’s Antminer S9 to be still profitable after the halving. The Antminer is that the first Bitcoin mining application-specific microcircuit supported a 16-nanometer process chip, but isn’t the foremost efficient machine available.
RockX CEO Alex Lam — who has reportedly managed mining firms since 2013 — told Cointelegraph that due to the wet season in China, domestic mining farms could cash in of cheap hydropower and continue operating with older and fewer efficient machines.
Still, Lam noted that mining farms based within the us , Canada and Europe could end older machines after the halving, predicting that Bitcoin’s hash rate will fall by about 30% a month after the event.
Respondents also expect the U.S. economy to influence Bitcoin within the future; 64% of them expect the quantitative easing measures undertaken by the Federal Reserve System to possess a “somewhat positive effect” on Bitcoin. Only 12% of the respondents believe the measures will have a really positive impact, while another 12% think it’ll haven’t any impact.