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45% of Prominent Chinese Miners Expect A Bitcoin Price Hike In The Next Six Months

According to a recent poll, it was found that nearly half of the prominent Asian Bitcoin miners are confident that the cryptocurrency’s price will rise.

Over half of the Chinese Bitcoin miners believe that there will be a massive increase in cryptocurrency investors by the end of the year. According to a poll taken by cryptocurrency service form RockX, 57% of Bitcoin miners in China predict a large influx of buyers in the cryptocurrency space in the next six months. This places the predicted increase in buyers in the timeline just after the Bitcoin halving.

Asian miners confident Bitcoin will rise in price

45% of the polled Chinese miners believe that the price of Bitcoin will surge between $10,000 USD and $12,000 USD in the next six month, 14% are confident that Bitcoin will see a price tag of over $15,000 USD, and only 24% of the poll’s respondents expect Bitcoin to remain around $10,000 USD with low volatility. Furthermore, nearly three-quarters of the respondents in the poll claim that Bitcoin is on the rise as a result of fresh confidence in the cryptocurrency market.

According to RockX, the statistic comes as a result of polling 42 of the most prominent Bitcoin miners and figures in the Asian cryptocurrency space. RockX claims that this includes F2Pool’s CEO Yu Chao, Wayne Zhao, Pandaminer and OXBTC CEO Wilson Guo and cryptocurrency application-specific integrated circuit (ASIC) firm Bitmain’s head of sales Fan Xiaojun.

Miners predict no significant change in Bitcoin hashrate

According to RockX’s data, over 57% involved in the poll expect Bitcoin’s hashrate to remain similar following the Bitcoin halving, predicting that it will stay between 110 and 130 exahashes per day. However, according to a recent survey by Blockfolio, 37% in the cryptocurrency space expect that the hashrate will increase following the halving event.

Many of the Chinese miners are anticipating that the profitability of Bitmain’s Antminer S9 will be maintained despite the halving of the Bitcoin mining reward. While it might be one of the most popular mining ASIC chips on the market, it is not necessary the most efficient in energy. Come the wet season in China in July, miners might look to hydropower to cut costs in mining. This shift would help maintain the sales of Bitmains’ Antminer S9.