Hey, all!submitted by Changehero_io to CryptoCurrencies [link] [comments]
The sole purpose of this post is to give an outline of the things happening in crypto during the outbreak of Corona. The article is meant to share information and doesn't support any coin and is not meant to instigate FUD in the community.
Please comment your thoughts below and it helps us in delivering better content.
Thanks in advance.
The Convoluted Story of Crypto and CoronavirusThe recent Coronavirus outbreak in China has brought businesses to a standstill. It cost hundreds of lives and sent shockwaves to the entire world. On the other hand, the cryptocurrency market witnessed huge gains in early February and took a nose-dive in the last week. These series of events does bug everybody if the epidemic is impacting crypto. In this short post, ChangeHero will reveal what is happening to crypto amid this epidemic.
According to the World Health Organization Coronovirus disease (COVID-19), was first reported in Wuhan, China on 31 December 2019. A Bloomberg report suggests that there are 82,302 confirmed cases and 2,802 deaths worldwide, but China has been the most affected. In measures to contain the spread, the Chinese government has locked down cities and restricted the free movement of people which made the factories and businesses to shut the doors. The steep in the factory output has taken a toll on the Chinese economy and also threatened the global economy. Industries such as manufacturing, oil and gas, tourism and supply chain suffered the most. In the same vein, crypto is also not immune to this virus.
China has a history of crackdowns on cryptocurrencies and exchanges. On the contrary, they are spearheading the blockchain adoption race and working towards digital currency, quickly go through this article for more info about China and cryptocurrencies. Moreover, the top five mining companies — AntPool, BTC.com, BTC.top, F2 Pool and ViaBTC are based in China. These firms control almost 60% of the hash power in the Bitcoin network. Mining farms are the first to be affected by the outbreak and a few representatives of these firms expressed their concerns on Social Media. Many stated that the government has cut off the electricity, supplies and also drove away workers from mining facilities. It reflected in the difficulty of bitcoin mining, a measure which indicates the effort required to solve the math in finding the block. This measure is adjusted once every two weeks and in the last difficulty correction, the measure rose only by 0.52% which is significantly lesser than the previous corrections of 4.67 and 7.08.
Mining may soon turn out to be a not so profitable activity, credits to the Bitcoin Halving. Bitcoin will undergo its third halving event somewhere around May and the block reward will be slashed to 6.25 BTC. It leads to tougher and unfavourable economic conditions. To boost their chances of surviving, miners are gearing up with advanced machines. Yet again, China is one of the largest suppliers of the mining equipment. Coronavirus outbreak has also locked up the doors of the factories and the companies have postponed the deliveries. Although there is a significant impact on the crypto mining industry in China, Bitcoin hash rate has seen a negligible change.
To restrain the spread of the virus, the Chinese government has halted the distribution of Yuan worth almost a Billion Dollars. Meanwhile, the S&P 500 Index and other traditional markets have also recorded their worst performances due to the epidemic. Crypto community was quick to react and hinted that digital currency can fix this. Big names in the crypto sphere like Binance and Tron have also pledged support to the coronavirus victims. Moreover, the epidemic has spread a sense of terror amongst the community and led to the cancellation and postponing of the conferences and public events.
Amidst the crisis, CoronaCoin, an ERC-20 token was launched with the ticker NCOV. Though the website states that the token is meant for charity, it’s approach has shocked the crypto community. The cryptocurrency has a total supply equal to the world’s population and the tokens will be burnt every 48 hours, proportionate to the number of casualties. The concept of investors benefitting with the spread of the virus poses serious moral questions on this project.
Impact on the crypto
Bitcoin kickstarted the new decade with a massive bull run and crossed the ten thousand dollar mark in early February. Many have contributed this to the upcoming halving and some connected it to the coronavirus outbreak. Things didn’t fare well long for crypto and the whole market crashed and lost a whopping 50 Billion Dollars in the last week of February. The epidemic has indeed affected the people and processes behind the crypto industry but it is still unclear if there is a correlation between the coronavirus and the crypto market prices. Nevertheless, the notion of Bitcoin as a safe haven during the crisis still exists but hasn’t been proven yet, at least for now. We hope the crisis will end soon and peace be restored. Until then, all our strength to the effected, families and businesses around.
Upvote if you have liked the article and comment to spark a discussion. Follow ChangeHero for more of such articles and updates in crypto.
The article was originally published on our Medium profile and reposting it here for more reach. Thanks for understanding.
Bella Protocol will be the first project to participate in the platform. The world's largest crypto exchange Binance unveiled the Launchpool platform on Sept. 6. According to Binance, the new platform will allow users to have securely farm new assets as well as users will get new token rewards in return for staking BNB, BUSD, and other tokens. Largest Bitcoin mining company Start bitcoin mining today Get started. $8913.05. High: $8920.67 Low: $8870.56. The most trusted cryptocurrency platform . Here are a few reasons why you should choose us. Industry best practices. BTC Mine supports a variety of the most popular digital currencies. Secure storage. We store the vast majority of the digital assets in secure offline storage. Account ... BitRiver, a Bitcoin mining farm that was just launched in Siberia, has become the largest mining farm in Russia.. BitRiver: Russia’s largest Bitcoin mining farm. The company has taken control of a post-Soviet aluminum plant and converted it into a Bitcoin mining farm. The ongoing power struggle between the co-founders of cryptocurrency mining hardware manufacturer Bitmain, Micree Zhan and Jihan Wu, has allegedly seen 10,000 Bitcoin mining rigs be “illegally moved” from a company-owned facility in Mongolia. Russian Hydropower Giant Opens Bitcoin Mining Farm. Follow; Follow; En+, one of the world’s largest energy producers, is joining forces with crypto firm BitRiver to open new mining farms in Russia. Read more. Buoyed Bitcoin Price Trend Fails to Turn Up on Internet Searches. For many Bitcoin enthusiasts, the flagship cryptocurrency has arrived on Wall Street with aplomb.... Charted: Cardano ... Russian Hydropower Giant Opens Bitcoin Mining Farm. En+, one of the largest aluminium and power producers in the world, is venturing into crypto mining. En+ decided to enter the crypto space after ...
[index]          
This video is unavailable. Watch Queue Queue. Watch Queue Queue Amazon Affiliate Link - (If You Buy Something On Amazon, I Get A Small Commission As A Way To Support The Channel) - (There is NO extra cost for you) https://amzn.to/39MXp4q Computer I Use To ... Should you buy a pre-built btc cryptocurrency mining rig? The answer depends, lets review the Coinmine One and discuss the status of gpu mining in 2019 and t... Bitcoin rebounded recently, however that does not erase the debts of the longest bear market in cryptocurrency history. Here is the latest crypto news! Subsc... Which is the best equipment to use for mining? Watch our webinar to find the answer. ECOS is an innovative IT company based in Armenia, in the Free Economic Zone. In 2018 an agreement was signed ... A $2000 investment turned into me spending $100,000 dollars building a custom shed for cryptocurrency and Bitcoin mining. Here's the story of Drew Vosk and t... Touring the largest Bitcoin Mines in North America and showing you what goes into building these giant power hungry crypto currency farms with electricity & cooling. This video was originally ... XRP/ TRON On Bakkt?, Worlds Largest Bitcoin Mining Farm & BTC OTC Tracker The Modern Investor. Loading... Unsubscribe from The Modern Investor? Cancel Unsubscribe. Working... Subscribe Subscribed ... Bitmain’s new mining facility will be located in Rockdale, Texas, and is poised to become the “largest Bitcoin mining facility in the world.” The operation is expected to launch with 25 ... When you ask how to buy Bitcoin do you ever ask how to buy $1BILLION DOLLARS of Bitcoin? When you think to yourself what is the largest Bitcoin wallet, did you ever think an entity or person would ...