A Chinese Bitcoin miner shares his bear market survival strategy that has brought him through the ups and downs of crypto market.
The crypto market has been very excruciating to watch in the past couple of months. With Bitcoin’s dropping to below $4,000, many have decided to sell all their cryptocurrency possessions and call it an end.
Miners are struggling, both individual and companies, many of them have been reported to lay off their staffs, even filed for bankruptcy.
The old tip to “keep mining, stay hodling during the bear market” is no longer applicable in the current bear market.
Amidst the uncertain situation, a Chinese Bitcoin miner, named Jin Xin is moved to share his survival tip.
Jin has been in the mining business since 2017, and he thinks that the crypto market has not yet recovered since the beginning of the year’s crash.
He experienced crypto’s glorious moment in late 2017, during which he said to make profits more than he could make in 3 years from other businesses.
Having gone through market crashes and survived, Jin has managed to develop his own bear market survival strategy.
What he does is he buys secondhand GPU miners from quitters to boost his computing power. Then, when Bitcoin price finally reaches his yielding point prediction, he would shut down his miners, disassemble the GPU chips and sell them to gamers.
When the bull arrives, he will purchase the chips again and sell them to other miners.
His tactic seems to work, as he’s still in the mining business, thus far, as reported by 8BTC.
In an industry with high uncertainties like cryptocurrency, the players are required to be flexible yet still anticipative enough. Quoting Charles Darwin's famous quote, "It's not the strongest, but the most adaptable that survive."
Learning from a survivor like Jin, it's probably not a bad thing for crypto miners to take time to hibernate, while preparing for the next big wave.
Read more:
Brazil mining company facing hard times following investigation and lack of funds
Miners throwing revenue away through BSV - BTC almost 50% more profitable
Giga Watt declares bankruptcy while owing Millions
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