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Bitcoin Miners See Price Move Towards 12K But Will Bloodbath Follow?

Written by:
Jagajeet Chiba
Published on:
May/07/2020

The price of Bitcoin hit just shy of $10,000 Thursday and had been hovering around the $9800 mark by mid-afternoon Eastern Standard Time.

Bitcoin miners see a potential to hit near $12000, and there are plenty of them hoarding the cryptocurrency ahead of halving this coming Tuesday.

Miners have sold less Bitcoin (BTC) over the past seven days as the highly anticipated block reward halving approaches. This means that miners expect the price of Bitcoin to increase substantially over time after the halving occurs. 

Ostensibly, miners hoarding Bitcoin seems positive — but it is not, warns Joseph Young of BitcoinTelegraph.  

Bitcoin miners, especially large-scale centers, run highly sophisticated operations with professional traders and market analysts. They frequently assess liquidity and overall sentiment in the market. If miners deem liquidity in the cryptocurrency market to be low, they refrain from selling. 

When there is not enough buying demand in the market, selling a significant amount of Bitcoin can lead to an abrupt price drop with high slippage. The term slippage is used to describe a movement in the price of an asset when a large sell or buy order is executed. 

Normally, miners hoarding most of the Bitcoin they mine without selling it to cover expenses is not optimistic. 

A new bitcoin mining map by the University of Cambridge shows that China accounts for 65% of the world’s hash power. About half of the country’s hash rate is produced in just one place, the autonomous Xinjiang region, which makes up 35.76% of the global total. 

Launched recently, the university’s Bitcoin Mining Map provides data on the average hash power generated by each country every month. Current statistics cover the period September 2019 to April 2020. 

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