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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.
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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.
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This could have other, more serious implications for the Bitcoin mining industry over the long term: “I expect that we will see more centralisation of mining in the Bitcoin sphere with the May 2020 halving,” he continued. “The bar of entry to run a profitable mining farm is constantly being raised due to the reducing supply [of mining rewards] because of halving events.” Binance is looking to consolidate more bitcoin mining hashrate to its pool in Russia and the Central Asia region. The world’s largest crypto exchange is deploying a physical server node for its pool at BitRiver, the largest bitcoin mining hosting provider in Bratsk, Russia. The move would give miner owners at BitRiver who choose to switch to Binance a better connection and direct route to ... The coronavirus outbreak has been a trending topic worldwide, as the virus has spread since it was first identified in Wuhan, the capital of Hubei province, China. More recently the virus has been ... Bitcoin price has dropped significantly as a result of the coronavirus outbreak. However, price surges are anything but new in cryptocurrency. Once this crisis is over, Bitcoin and other cryptocurrencies will most likely recover as they have always done after a sharp decline. It is not clear how far Bitcoin price will drop, but, however far it drops, it will most likely bounce back. This could ... A key measure of competition among bitcoin miners has stagnated in the past two weeks as the coronavirus outbreak disrupts economic activity in China. Binance CEO Changpeng “CZ” Zhao is still confident with bitcoin’s potential amid the coronavirus outbreak. In the past weeks, the crypto market has experienced a massive downward trend. On Thursday, bitcoin had a massive selloff with the benchmark digital asset reeling to $3,800 low. Binance CEO Sees Virus-Era Growth, Boost to Bitcoin From Halving By . Vildana Hajric. May 11, 2020, 2:52 PM EDT 3:41. Binance CEO Sees Virus-Era Growth, Boost to Bitcoin From Halving By . Vildana ... Bitcoin is still trading over $10,000, currently at $10,176.92 at the time of writing, with a decrease of 1.08% in the last 24 hours. Final Thoughts. If the coronavirus outbreak will have ramifications into the price of Bitcoin is still an issue up for debate. Some speculate that this event will factor growth for cryptocurrencies, while others ... — CZ Binance (@cz_binance) March 17, 2020 What is the Real Reason For Bitcoin Crashing Then? According to Zhao, the main reason why Bitcoin and the market crashed is simply a matter of new people in crypto selling their assets due to panic and people that were forced to sell some of their assets in order to pay for other expenses like their rent or whatever they might be. Bitcoin has been a phenomenal measure of difficulty in China since the exchange war with the US commenced in 2019. China has capital controls and monstrous riches, so that in the midst of stress colossal volumes of cash look for places of refuge, of which bitcoin is a benefit with a modest market top when contrasted with the mass of cash in the framework, composed Clem Chambers in Forbes.
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