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Chinese miners are reportedly becoming the largest short sellers both domestically and internationally, following an increased number of hedging operations in the current bear market, Chinese crypto outlet 8BTC reported Thursday, Dec. 6.
The severe cryptocurrency market has been reportedly caused by new generation miners to start hedging their coins to avoid market risks. At the same time, frequent hedging operations make miners the biggest short sellers of Bitcoin (BTC), according to 8BTC.
Jin Xin, a Chinese miner who entered the industry in October 2017, reportedly said that he earns more than two months from the total profits he made in the past three years. Jin said:
"If the mines are 30 tokens in the next month, then they will continue to fall by another 10% according to the current trend."
Jin reportedly developed his own strategy to withstand the bear market. He used to work on the processing machine (GPU). Once the "shutdown price" is reached, Jin power down the equipment, removes the GPU chips and sells them to game players.
As Cointelegraph reported in late November, cryptocurrency mining operators in China are reportedly selling equipment by weight, as opposed to unit price, as the market slump had resulted in a large drop in mining profitability. Crypto miners were reportedly especially eager to sell the older models, including Antminer S7, Antminer T9, and Avalon A741, as these have reached their "shutdown price."
Also in November, U.S. technology giant Intel filed a new patent for "energy-efficient high-performance Bitcoin mining." The patent is dedicated to "hardware accelerator implementing SHA-256 hash using optimized data paths" and aims to reduce energy for BTC mining by up to 15 percent. The document states that "clusters of SHA engines may consume a lot of power (e.g., at a rate of greater than 200 W)."
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