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Coronavirus, The Halving And A Price Drop: Bitcoin Mining Marches On

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  • Coronavirus, The Halving And A Price Drop: Bitcoin Mining Marches On

    CoinShares, a New York-based cryptocurrency service that provides advice and other services for investors, released a statement on the state of Bitcoin mining during the global uncertainty caused by the coronavirus, ahead of a planned, more thorough June 2020 mining report.

    In it, CoinShares’ research director Christopher Bendiksen wrote that the current talk of a possible mining “death spiral” due to coronavirus-based lockdowns makes for dramatic reading, but is not at all based in reality.

    “‘Mining death spirals’ do not actually happen in real life,” Bendiksen wrote in the statement. “They are highly theoretical edge cases without any historical real-world precedent … Mining is here to stay.”

    Confidence in the mining space and in bitcoin generally, despite economic uncertainty around the world, is high at the firm.

    “Bitcoin is arguably the only financial asset that can operate remotely — nobody needs to go to work to make bitcoin work,” Danny Masters, executive chairman of CoinShares, wrote in a supplementary statement sent to Bitcoin Magazine. “Nobody needs to fill an ATM machine. While things look bleak for everything, I can’t think of a better asset to buy than bitcoin.”

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    Despite the global turmoil caused by the coronavirus and a looming reward halving, the Bitcoin mining industry appears optimistic. Despite the global turmoil caused by the coronavirus and a looming reward halving, the Bitcoin mining industry appears optimistic.
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