Chinese Bitcoin Miners Set to Activate One Million Mining Machines Chinese Bitcoin Miners Set to Activate One Million Mining Machines

Chinese Bitcoin Miners Set to Activate One Million Mining Machines

A Chinese miner named Xu Feng has recently stated that as the season starts turning in various Chinese provinces, up to one million mining machines may start mining bitcoin, a move that could see its hashrate move up.

According to local news outlet 8BTC, Feng stated that as the raining season starts in May, cryptocurrency miners have been looking to set up operations in China since the beginning of the year.

A] large amount of bitcoin mining machines [that were] shut down during Sichuan's dry season will start running again in the upcoming wet season.

Once the improvements are done, Feng should be running 100,000 mining machines.

If his prediction is correct, the one million machines that are about to start mining could see Bitcoin's hashrate surge.

Given the large number of miners that are going to be activated and bitcoin's seemingly slow recovery, Feng noted miners shouldn't expect to make money this year, and are better off waiting "Until [the] bitcoin halving occurs next year."

Miners like Feng mine at a loss to hold the BTC they've earned, while waiting for its price to rise.

Source: https://www.cryptoglobe.com/latest/2019/03/chinese-bitcoin-miners-set-to-activate-one-million-mining-machines/

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