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China BTC Miners Back Online?

China BTC Miners Back Online?

Sats O'Clock
May 18, 2022

Wake Up! It's Sats O'Clock.

Good morning. It's May 18, 2022.

Bitcoin is still hovering around $30K at the time of writing.

Bitcoin in Asia is currently trading at its highest premium since last summer.

Asia has dominated this market for the last 2 years. They dumped their inventory on the US/EU at the top in early 2021 and bought back their coins from them in summer.
Their trading hours are currently trading at the highest premium since last summer.
— Will Clemente (@WClementeIII)
3:59 PM • May 17, 2022

Continuing with Asian markets, Bitcoin mining in China is growing (again).

#Bitcoin mining in China is ~20% of total hash rate
- and growing again!
c: @CambridgeAltFin
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive)
12:35 PM • May 17, 2022

After kicking out their miners last year, it appears that the hash rate from China is increasing again. This goes to show the inevitability of Bitcoin and energy.

Publicly listed Bitcoin miners have decreased in share price over the last few weeks. This may be a great buying opportunity for investors who cannot hold Bitcoin themselves (though this is recommended).

Publicly traded #bitcoin miners in $BTC terms over the last six months.
Gotten killed as equity multiples have compressed and as hash rate has risen while BTC has fallen.
— Dylan LeClair 🟠 (@DylanLeClair_)
8:46 PM • May 17, 2022

Lyn Alden made a very interesting comparison of "Bitcoin vs crypto" with her tweet.

Imagine making an iPhone, and then twenty thousand imitators make a buggy knock-off fake iPhone with a glued-on Apple symbol, that doesn't work properly.
That's "Bitcoin vs crypto".
Test everything. Break everything that can be broken.
— Lyn Alden (@LynAldenContact)
5:57 PM • May 14, 2022

In the last 24 hours, ~$50M worth of Bitcoin has been liquidated.

It seems as if most of the shorts have learned their lesson. Compared to last week, BTC shorts have decreased by 80%.

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