Even without a corona crisis, the crypto market would currently be facing turbulent times: Bitcoin halving is within reach, while Bitcoin Cash was already there. In China, meanwhile, some miners threw in the towel after Corona. The time had already come for Bitcoin derivative Bitcoin Cash (BCH): since early afternoon, miners have only received 6.25 BCH per block. Many miners should therefore flirt with the switch to BTC. Is Bitcoin Cash (BCH) at risk of becoming a victim of a 51 percent attack? While upcoming halvings are often used for bullish forecasts, they pose a significant economic challenge for Bitcoin miners – i.e. those who dig for digital gold with a lot of energy. Finally, the yield is halved, while the running costs (electricity, building rent, etc.) remain high.
China: Mining Pools in the Corona Crisis
The focus is now on the large Chinese mining pools, which continue to provide the lion’s share of the computing power in the Bitcoin network. At least one now seems to throw the shotgun into the grain before bitcoin halving: bytepool.
Bitcoin mining in Germany: a losing deal
Bitcoin mining on a small scale hardly pays off more than ever. Even with a top model from the mining market leader Bitmain, Germany would be made bad at the moment. This is mainly due to the high electricity prices in Germany. While the “German” kilowatt hour costs an average of 30 cents, Chinese bitcoin miners pay less than one cent per kWh.