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From the second half of the year 2020, things start going like three years ago. After breaking through $10000, the price of bitcoin once skyrocketing to $40000.
Long Qin, a bitcoin miner in China, has been persisting in hoarding bitcoins, and the three bitcoins he mined in five years ago have not yet been sold.
āI donāt think the ongoing bull market is possible to end like this. There are certain historical rules of the bull market to follow. I didnāt experience the previous halving, but only once in the third four years. I donāt think this bitcoin bull will end at $40000, so Iām really confident. Iāll sell a little bitcoin at the price of $50000, and Iāll sell a little more at the price of $100000. ā
Long believes that bitcoin mining is a long-term job. He plans ahead the machine renewal, site and electricity charge as the change of subsequent bitcoin price has little effect. Itās just that after the rise of currency price, the shareholders are a little more diligent and come to urge profit sharing every two days.
āThe bull market going too fast. I like bull market, but I donāt like bitcoin price go up and down like this. I hope itās a slow bull. Itās going up a little slower, and itās going to prolong the bull market cycle.ā
Said another miner Chen Jiu. He doesnāt have much bitcoin in his hand now. No matter how much it goes up, there wonāt be much profit. Moreover, Chen Jiu believes that if the bull market goes up fast, itās easy to end ahead of time.
āIf the bitcoin market goes too eye-catching, there will be a lot of uncertainties, such as stricter regulatory policies.ā
The electricity charge is one of the biggest expenditures of bitcoin miners, and the price of electricity directly determines the revenue of mining machines.Ā For cheaper electricity charges, Chinese crypto miners often travel long distances or even take risks.
Almost all thermal-powered crypto mining farms in north Chinaās Inner Mongolia and Xinjiang province have been shut down, while 20% ā 35% of hydropower-powered crypto mining farms are vacant in north Chinaās Yunnan, Guizhou, Sichuan province.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.