"China is aggressively mining ahead of the approval of a Bitcoin ETF", Bradley Park, a Web3 analyst at CryptoQuant, wrote to CoinDesk in a note.
"As the Bitcoin halving nears, I anticipate a competitive surge between China and the US in mining machine productivity... because the unit cost of mining Bitcoin is likely to escalate due to increasing power expenses and rising mining difficulty." Lucy Hu, senior analyst at Metalpha, told CoinDesk.
"We expect miners would only sell just enough bitcoins to keep the business operating before any bitcoin ETFs are approved or just keep the coins and borrow to pay... The halving event will double the production costs, so it is in the miner's best interest to get the latest model of machine to lower the cost and earn more market share." Lucy Hu, senior analyst at Metalpha, told CoinDesk.
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