Genesis Mining Belives Economic Meltdown Lead To Grow Bitcoin as The new Gold



Philip Salter, head of operations at Genesis Mining, believes that economic meltdown may cause a growing value for Bitcoin as a hedge against the banks.

In the last few weeks, there has been tons of turmoil within the Bitcoin world. There was a rapid decline in hashrate, followed by a good more precipitous price drop. This was particularly troublesome in sight of the approaching halving.

Cointelegraph has had an in-depth conversation on these topics with one among the foremost prominent figures within the Bitcoin mining space, Phil Salter.

Bitcoin miners have margin calls too

Speaking on whether miners played a serious role within the recent market decline, Salter observed:

"It’s no different from traditional markets, you have to sell everything to keep the operations going, to pay off your debts. As a miner you have bills to pay, you have to pay for electricity, for operations; and your expenses are in dollars, so as the price of bitcoin is dropping, it means you have to sell more of your inventory just to keep going."

Up to some extent , it’s a snowball effect — as price falls, miners are forced to sell more of their inventory, and as they're selling more — the excess in supply drags the price further down. However, there's some extent when for a given miner, it makes more sense to shut off electricity and halt production until markets begin to recover.

Bitcoin as the new gold

One of Bitcoin’s hottest narratives has always tried to portray it because the new gold. However, Bitcoin has been breaking faraway from that narrative by following the trajectory of the normal markets. Whether this latest reversal will continue largely depends on the severity of the crisis, Salter believes:

"If this economic crisis is contained, then it will not have major implications for Bitcoin. However, if there is a real collapse, then the interest in Bitcoin will explode. It will go back to being seen as a hedge against the banking system. The more skepticism people will have in the old economy, the more they will flock to Bitcoin."

With the third Bitcoin having just 53 days away, things are close to get even more interesting.


from Cryptocurrency News | Bitcoin News | Altcoins news
Genesis Mining Belives Economic Meltdown Lead To Grow Bitcoin as The new Gold

Komentar

Posting Komentar

Postingan populer dari blog ini

Amid Nth Room Sexual Exploitation Case Rumors,Huobi Korea Delists XMR

Gambar
Huobi Korea announced on April 8 that they might be ending support for Monero (XMR) trading starting on April 9, 2020. They stated that this was thanks to "low trading volumes and anonymity functions". They didn't , however, reference the recent Nth room case, during which South Korean media has speculated the exploitation ring used XMR to finish anonymous transactions. According to the South Korean newspaper, Sisa Journal, headlines covering the sexual exploitation case remained rampant within the country, with many news outlets suggesting that Monero has been used for criminal acts, specifically within the Nth case. The quoted case is an ongoing criminal investigation that allegedly involved sexual exploitation and therefore the distribution of videos containing rapes among Telegram chat rooms. Bithumb still lists XMR in South Korea despite the reports Sisa Journal is additionally reporting that another cryptocurrency exchange, Bithumb, has been struggling for...
Baca selengkapnya

What Is Digital Currency And How It Works?

Gambar
Digital currency, on the flip side, is utilized to specifically refer to the digital currency that's created and stored electronically. Since it is nothing more than intangible data it is more prone to fraud than physical currency in that it is possible to duplicate a unit of currency thereby causing inflation or altering the value of a transaction after it has been made for personal gain. It is an online form of currency that can easily be used over the web as a replacement for the traditionally used physical form of currency such as banknotes and coins. The exchange rate for digital currencies all around the world remains universal also. If you aren't a huge fan of digital currencies, and could be skeptical towards it, the very first question that would probably get into your head is why are you going to use it should you do have a stable currency already you may hold and are sure has actual price. Due to our electronic planet, you can purchase a home from your cellphone, se...
Baca selengkapnya

Tries to Steal Crypto Through Fake Google Chrome Wallet Extensions by Mystery Hacker

Gambar
Harry Denley, director of security at wallet provider MyCrypto, who identified the fake wallet extensions, said in a report Tuesday that Google has so far removed 49 extensions that purported to be well-known crypto wallets from its Chrome Web Store. The fake extensions are basic phishing plays. Posing as legitimate wallets, they leak personal information inputted by users, such as private keys and passwords, to the hacker, who can then drain balances in a matter of seconds. The fakes detected have so far claimed to be wallets such as Ledger, Trezor, Jaxx, Electrum, MyEtherWallet, MetaMask, Exodus, and KeepKey. Test amounts of crypto sent by Denley have not been picked up, suggesting that either the hacker has to manually empty wallets or that they are only interested in comparatively large balances. On the Chrome Web Store, most of these apps had consistently good reviews written typically in simplistic or broken English. On the basis that the admin email appears to be a Rus...
Baca selengkapnya