Why do Bitcoin miners persist when mining costs get higher? Just look at the Okex users


August 29, 2020

The year 2020, the third time bitcoin has been halved, is the year many cryptocurrency investors look forward to, because halving bitcoin tends to generate a wave of market activity that gives investors a certain return. This year, however, was a special one. The global economy suffered for well-known reasons, so the halving fever did not last long and did not allow the anticipated bull market to get started. Instead, the recent craze for Ethereum 2.0 and DeFi has given the entire cryptocurrency market a bit of a bull run. Although the current market trend has not reached expectations, but the overall situation is relatively good. In particular, bitcoin's strong rebound from falling below $4,000 to above $12,000 is a sign of investor confidence in cryptocurrencies.

Bitcoin miners were directly affected by the halving of bitcoin, but this did not hinder miners' love for mining. According to the data, the hashing rate of the whole network recovered quickly after halving bitcoin, which means that miners are optimistic about the future trend of Bitcoin and willing to pay for their own judgment. In bad times, most miners will choose to hoard bitcoin after they find it, and then sell it when the market is good.

In addition to the miners, many investors, many of them big investors, will do the same, taking bargains at prices they see fit. When investing in cryptocurrencies, investors and institutions tend to prioritize platform security above all else. Among the many cryptocurrency platforms, Okex is the most popular. Okex has also seen the highest number of whale trade orders in the past few months. Thanks to OKEX's excellent OTC reputation and spot depth, users can easily buy and sell while trading.

For now, bitcoin's halving fever is over, but the whole market is racing upwards in a relay. Whether it's Ethereum 2.0 in the previous phase or DeFi in the recent phase, these hot spots are a trigger for market movements, and it's more about investors' expectations for the future of the whole market. That's why the miners have stuck with bitcoin even as it has become more expensive to mine. Of course, there are a lot of variables in the cryptocurrency market, and it is very likely that a negative or positive trend will ignite in the future, so users should learn to judge for themselves at any time.

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