Chinese Exchanges add Ether pairs trading but what about the Miners?
A while ago I pointed out the implications of what will happen when the Chinese exchanges add Ethereum trading to their exchanges. Well that day has come and along it Ether has gone on a massive price run and hit another All Time High (ATH) of $230 USD! The timing of the announcements could not have come at a better time. Ether and the crypto markets in general were on a big dip just prior to the announcements. The strength of the Chinese news has arguably singlehandedly caused a trend reversal from Bear back to Bull.
From OKCoin:
From Huobi:
Now the 3rd biggest exchange BTCC has for whatever reasons decided to maintain its preference in Ethereum Classic over Ethereum. This might not last for much longer. We will have to see the volumes of the other 2 and how this will cause pressures on BTCC from their clients.
BTCC has a Bitcoin mining pool operation that currently mines about 7% of Bitcoin blocks. This could explain their reluctance to jump onboard the Ethereum train.
Chinese Bitcoin Miners
Chinese miners dominate the Bitcoin hashrates. Antpool, BTC.TOP, Bixin, F2Pool, BTC.com and BitFury alone already make up more than half of computing power of the Bitcoin network.
Once demand for Ether in China increases at a level where supply outstrips demand on a continued basis. We will definitely see a shift in business strategy from these miners. I would be surprised if big operations like these do not already have strategies in place for when Ethereum changes from PoW (Proof of work) to PoS (Proof of Stake).
The first wave has already hit us with the announcement of ETH/CNY trading pair but I believe there is a second wave coming in the not so distant future with Chinese mining pool announcements.
Exciting times ahead.
