Bitcoin miners short selling to salvage the market crash: Report

Chinese Bitcoin miners have been hurt by the recent market crunch, causing them to employ hedging options and short selling on the domestic and international stage, reported 8BTC on December 6.

The crypto markets have been on a steep decline since the beginning of November, amplifying this past week with the market cap falling to a low of $103 billion. A new swath of Chinese miners are short selling their coins to salvage some value in this bear market.

“If I mine 30 tokens in the next month, while its price may continue to fall by another 10% according to the current trend, I shall place a short order on the exchange to sell them at current price but deliver one month later,” said Jin Xin, a miner from China.