Bitcoin miners makes huge profit in the berish market

[Lens1000]

The bearish market persisted for long in the cryptocurrency space but a segment of the industry makes a huge profit despite the dip. Research made available that miners have gathered 3790 bitcoin in the last one month.

The stance action against the cryptocurrency miners in China further open the doors for many countries to adopt cryptocurrency mining using a greener energy.

Miami open doors for the miners in China, assuring them to offer a cheap and greener energy. El Salvador did the same and so many other countries and institutions follow suit.

The hashrate of the bitcoin mining increased drastically after the crackdown in china. I am of the opinion that the action the Chinese government took against bitcoin was a blessing in disguise.

How do you see this?

 

[Sherman198]

I think I have said this in one of my posts before that this Greenfield power discovered by some countries will be a Saving Grace for most cryptocurrency miners around the world, as many of them are shifting or migrating from China and some other parts to where power supply would favour them. And as the rate of Bitcoin mining getting high every month, we may soon come to the end of Bitcoin mining in the nearest future.

 

[btaliat]

This may be a good news to crypto users and crypto market in general. But to be frank, I have not been seeing any significant improvements on crypto even after mining has been accepted in some counties. This will show that the problem in the crypto world now is not about the mining but about some big influentials that are influencing the market to their benefit.

 

[Josemendez]

During the bearish period , many people bought the dip as d the miners have to sell and earn money from transaction fee . Also during the bearish period many countries made their country open cryptocurrency mining which gave miners opportunity to migrate to the country and set up their Mining.

 

[Mika]

Considering the resources used in bitcoin mining, and comparing the money spent in mining with the market value of bitcoin, I do not think miners will be making huge profits when the market is bearish. But it is true that when China banned mining, it opened a door to opportunities for the miners in America and Europe.

 

[Alexandoy]

Pardon me for this comment. I still do not understand the concept of mining. But something interesting are the posts that say mining consumes so much energy. To earn a few bucks worth of crypto coin in exchange for energy is not practical. In fact, it is a big waste to consume electricity in return for a bucks.

 

[Lens1000]

I think I have said this in one of my posts before that this Greenfield power discovered by some countries will be a Saving Grace for most cryptocurrency miners around the world, as many of them are shifting or migrating from China and some other parts to where power supply would favour them. And as the rate of Bitcoin mining getting high every month, we may soon come to the end of Bitcoin mining in the nearest future.

The increase in the hashrate as a result of the adoption of a green energy in many parts of the country that accept cryptocurrency contributes to bitcoin upward movement recently. Despite the long bearish market, the bitcoin miners managed to pull lots of successes in the cryptocurrency space. Thanks to the Chinese government.

 

[Lens1000]

This may be a good news to crypto users and crypto market in general. But to be frank, I have not been seeing any significant improvements on crypto even after mining has been accepted in some counties. This will show that the problem in the crypto world now is not about the mining but about some big influentials that are influencing the market to their benefit.

The improvement is evident as at the time I write this comment. The bulls have stood their ground and the bullish movement continues. The hashrate improvements has helped bitcoin price a great deal. The china crackdown really pulled down the hashrate and its gradually recovering through the use of green energy.