May 12, 2020 07:30 UTC
May 12, 2020 at 07:30 UTC
Unprofitable Miners To Leave Bitcoin Network
Analysts have predicted that the Bitcoin halving is expected to take place and the leading cryptocurrency is closely monitoring at a modest jump in daily trading values. Bitcoin witnessed a significant fall in price on the Sunday overnight as the token’s value scaled down by over $1,000 USD, moving from $9617 USD to $8,790 USD. Despite the drop, the token accounted for the day at around $8,800 USD minus any wobbling. When the time of Bitcoin halving was closed the price of cryptocurrency was seen a slight shift towards green trading with a slight 1.75% growth as compared to the daily trading.
As the halving was officially conducted, unprofitable miners have initiated switching off their equipment. Poolin Alejandro De La Torre, Vice President of Major Mining Pool stated that the predictions of the miners are estimated to register over 15-30% of the Bitcoin hash rate. Further he added that mining farm personnel are shutting down as they do not want it after the halving due to the threats of losses.
The miners fleeing will likely announce a comeback digitally if they fail to upgrade their equipment or find low quality electricity sources. The unprofitable mining operations in China will considerably be the first one to shut down. The halving will take place in the early morning, which is why Chinese operators have decided to shut down profitless units before punching the clock.
However, this particular shut down will disturb the total hash rate since the unprofitable units generate 15-30% of that number. This has been accelerated by the global pandemic. He believes that investors are thinking about the expansion of individual forms of money and not focusing on the developments of the world. Digitization of currency is considerably the most compelling argument for grabbing BTC. It is estimated for a short period of time on the market, and a long term impact on the way investors and miners trade.
The interest in the Bitcoin halving has witnessed a rapid growth. Moreover, the halving is expected to take place any moment and it might not have an immediate impact on Bitcoin price.