RockX Survey Reveals Major Chinese Crypto Miners See Influx of New Bitcoin Buyers

RockX Survey Reveals Major Chinese Crypto Miners See Influx of New Bitcoin Buyers

RockX, a crypto services company, recent survey revealed that majority of Chinese miners expect a huge influx of new buyers of Bitcoin (BTC) in the next six months.

According to the survey, 57 per cent of Chinese miners expect a large number of new Bitcoin buyers to join the market soon.

RockX claims it has polled 42 prominent Bitcoin miners and Asian mining community members. Representatives include F2Pool Chief Operating Officer Yu Chao, TokenInsight Partner Wayne Zhao, Pandaminer and OXBTC Chief Operating Officer Wilson Guo and Bitmain APAC Sales Manager Fan Xiaojun.

More than 71 percent of the respondents also thought the market had regained confidence in Bitcoin. In addition, 45 percent of respondents believe that the price of Bitcoin will be between $10,000 and $12,000 in the next six months, nearly 24 percent think it will remain around $10,000 with low volatility and over 14 percent believe that BTC will be worth more than $15,000.

Miners Show Optimistic Outlook on Profitability

Most of the respondents (more than 57 percent) also believe that the hashrate of Bitcoin will not change significantly after halving, and expect between 110 and 130 exahashes per day. As of today, Bitcoin’s network currently has a hashrate of 127 exahashes per day, according to Bitcoin network analytics website BitInfoCharts.

This seems to fit in with what many in the community think about crypto. As recently reported, 37 percent of the cryptocurrency community expects Bitcoin’s hashrate to be one month higher after the block reward is halving than it is at present.

A majority of Chinese miners also expect Bitmain’s Antminer S9 after the halving to be still profitable. The Antminer is the first application-specific integrated circuit based on a 16-nanometer process chip based on Bitcoin mining but it is not the most efficient machine available.

RockX CEO Alex Lam, who has reportedly managed mining companies since 2013, said domestic mining farms could benefit from cheap hydropower and continue to operate on older and less efficient machinery due to the wet season in China.

Still, Lam noted that U.S .- based mining farms, Canada and Europe could phase out older machines after halving, predicting that the hash rate of Bitcoin would fall by about 30 percent a month after the event.

Respondents also expect the U.S. economy to influence Bitcoin in the future; 64 percent expect a “somewhat positive effect” on Bitcoin from the quantitative easing measures taken by the federal reserve. Only 12 percent of respondents believe that the measures will have a very positive impact, while another 12 percent believe that it will have no effect.

0 0 vote
Article Rating
Share this page
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.