So I did the math and took the plunge. I went short on Eth. I had been mining solo and converting eth to btc but what with the current diff and hashrate, plus electric prices, and solo catching blocks too infrequently. I needed to think again. Also, pool mining just does not give me the margin I am looking for.
I moved what eth I had left to btc yesterday, and last night and early this morning I witnessed a sudden burst of buying pressure in Bitcoin, driven by Chinese buyers at OKCoin . It has spiked the virtual currency higher.... BTC to USD trading volume is up over 40% on the month on dramatic volume, look. https://bitcoinwisdom.com/
(OKCoin exchange reportedly has 90% of global Bitcoin traffic). This is the highest 'China' Bitcoin price since May 2014
Could the Chinese (the second richest country in the world and the biggest potential consumer market) drop the Yuan for Bitcoin? Who knows? But with the UK on the edge of leaving Europe (making the pound more uncertain) and Eth to Bitcoin prices falling, Bitcoin looks like it is going from strength to strength. Yes i know the halfing is due 4 weeks, 5 hours from now before you all say "it is because of the halving".
The money I was going to spend running my mining rig this month is now (as of yesterday) invested in Bitcoin! I am betting a better rerturn than a month worth of mining!
Here is this mornings chart for OKCoin. Is anyone else ridding these coat tails?