Bitcoin Miners “Very Bullish” on Price: Skew

Bitcoin miners are turning very bullish on the cryptocurrency’s price, according to data analytics firm Skew Markets.

The London-based cryptocurrency group explained that miners are increasing their capacity to mine bitcoins, a behavior which typically reflects their interest in boosting their incentives. And the reason why they want to accumulate as much as bitcoins as they can is their upside sentiment. Miners believe they would be able to sell the freshly-minted cryptocurrencies at a higher price.

The bullish calls borrow it fat from a scheduled event next year. “Halving” will reduce bitcoin mining reward from 12.5 BTC to 6.25 BTC. The situation is specifically substandard for miners, who would need to spend the same amount of hard cash – for setting up mining facilities and paying for electricity and workforce – for a slashed-down reward system. In such a case, only a higher bitcoin spot rate can help miners continue their operations. Or, they can as well accumulate…