Chinese situation and its relation to cryptocurrency environment

[BrolySSJ 7899]

I agree with you in the fact that the corona virus pandemic will affect the crypto world especially with the fact that china has such a large pool of the world's mining resources for crypto. However i also think that there are other factors that this will affect as well. For example the corona virus in china, and now the rest of the world, will also cause changes in the supply and demand of the coin, and to be hones, there will be many people selling their coins to make ends meet in these tough economic times. Therefore i think that this will also affect the crypto world.

[Crypto123 0]

In fact, you did a good study of the possibilities that the coronavirus could affect, although Bitcoin fell its price and returned and recovered, but the things that you mentioned are still possible in the event that the Corona virus is not eliminated, yes it is possible for countries to stop importing from China Much of the miners are dependent, and this will significantly affect mining and network safety. These possibilities remain as long as the corona virus has not been eliminated. Currently I see things under control and things are getting better slowly.

[Sarahden111 1231]

Regarding the situation of traders or minerals in China or around the world, there is nothing related to the economic or health status of China, because this market is completely separate from human influences except the psychological factor. As we know that China contains an enormous number of minerals estimated at about 50% of the total minerals around the world, despite China's fight against crypto.

[Cryptonym 54]

On 1/29/2020 at 8:54 PM, Linkkoin said:

As you know, there is a panic regarding the coronavirus in China. We see some movements on world markets - including price of oil, gold, some say even cryptocurrencies.

 

But would it be really disastrous as speaking of the influence regarding cryptocurrency environment fueled by the different factors than panic?

 

The answer is not that simple.

On one hand please remember, that for many cryptos, a lot of mining power is located in China. Many of them are located in less inhabited regions of the country, where there is a surplus of electricity there. As well, we should all remember, that electricity with its infrastructure is of critical importance to operate properly for the state itself, so even in worst case scenarios the hashrate should not drop because of the power shortage, what could cause panic. In the worst case scenario, we could observe the drops of the price of most of the cryptos, because of much lower hashrate (less safety of the network, increased risk of 51% attack)

On the other hand, if the situation would turn bad, this could affect supply of mining equipment in mid term. How? If factories assembling rigs and producing their elements are temporarily shut down - then of course there will be no rigs available. As well, depending from decisions of authorities from other countries, there might be a temporary ban on importing all the types of goods from China. In this case the supply of new rigs will be limited, their price could skyrocket - just like in 2017, and hashrate would rise slowlier.

 

Any thoughts from your side?

China's situation can really affect the whole crypto world effectively so we should really be careful because their situation may also come to us that will also affect the whole crypto currency world.

[BTC Future 3946]

2 minutes ago, mahmoodhosain964444 said:

lhave. We have seen the economic recession that affected most economic fields and it also affected the cryptocurrencies, but we have seen a significant recovery in recent times, which indicates the strength of this area.

I'm afraid that the recovery is not based on fundamental economic results but in the printing spree by governments. This will not have positive results and hopefully this will not create implications in Bitcoin. Anyway we should focus on the long run and even two years of recession won't matter to people looking longer.

[Moaz 7239]

The impact of the Corona virus on crypto was bad, not only in China, but in the world, and the prices of cryptocurrencies decreased dramatically, and the price of Bitcoin fell to $ 4,000 in the last March, but with the passage of time Bitcoin overcame this crisis and began to recover and its price rose Again, this confirms the strength of crypto in the global economy

[Mwangi 5611]

And I think this is a really a good thing so we need to work with it , go with the flow, when countries like china start thinking of this kind, then we are crypto lovers we find ourself in a much proper stand that we are able to see so keep in mind everything is perfect as of now

[khan22 3478]

China is the strong country and it make a great decision about the crypto market and soon china release their own coin in the market in short time. I hope this time china invest good amount of money in the market and BTC make a great bull.

[TimopheyKa 3900]

As I remember, China has a very good attitude to cryptocurrency. And accordingly, the Chinese actively use it for financial development, mining stations. It is also expected that Chinese token cryptowall, which should show us a very interesting financial progress!

[raq533 29]

Well, the Chinese people are really great. They want to create their own bitcoin to seize control over the country's cash flows. Yes, and they will improve their positions.

[Alimhana930 1605]

The debate is very complex about this But in light of the pandemic, we see a lot that went to mining because of the profit from it. Secondly, electricity is not a problem. For those who want to mine, most of the developed countries depend on nuclear reactors to generate them, and therefore there is no direct impact on electricity and mining, but the decline in mining will be only due to the processes of separation and the equivalent lack of mining So that mining will be confined to specific companies that have the ability to continue and produce with a certain profit away from individual mining.

[Pranto1 40]

Coronavirus is big news right now, I think there must be some impact, but if you look the other way, Bitcoin is the best way for Chinese people, even though they can't get out of their country, they can still meet their needs and still make money.  This is the advantage of Bitcoin and I think the investment from that country along with the trading traffic will be more now.

[Sykkuno 2887]

Hash rate is rising but slower than I expected. The rise of the price will mean that there will be a lot of opportunities and already above 16,000 dollars it makes mining very profitable for most of the world. The orders for new equipment are also rising so expect 200exahash very soon. Remember that one year ago it was bellow 100 exahash and not it is on average of 160. The mining industry will not have a problem and it faced coronavirus without anything affecting it.

[Mella 3680]

It has done problem to Bitcoin but this virus made me stay home and find Bitcoin. It did not made a problem to the miner as they are in need of low workforce and are also very good secured outside of big populated areas. It is a good industry for China and it wasn't affected by it.

[bogdanoff 3173]

Some coins have very low hash rate without any chinese intervention or not, and they will keep getting attacked. Their price is probably too much anyway as they lack the security to back it, so perhaps they will turn to centralization to avoid getting 51% attacked and then they will start getting hacked. We should trust the strong blockchains like Bitcoin and Ethereum and no wonder a lot about the rest. We can't do anything ourselves it is up to miners if they are profitable or not to keep supporting them.

Edited November 13, 2020 by bogdanoff

[annayks 2314]

I saw no problem happening to the Bitcoin mining industry during the coronavirus, there were some shipping delays from Bitmain though but these are always on schedule. there are more hardware producers that suply miners and the hash rate is increasing steadily so there won't be any problem. Even if the hashrate dropped by half, Bitcoin would still have robust security.

[VijithaVarghese 1994]

The market would have certain delays in dealing with currency production due to the pandemic situation. But once it's done I think china would be able to make good production of bitcoin . This would be a big program.

[yonkii 3205]

I think that your concerns were well founded but I checked the hash rate and it is rising significantly without many problems. Also I think that the price of Bitcoin is unrelated to the hashrate but it is the opposite. The price is rising and this creates more opportunities for miners to increase their profitability and expand their operations. Also more businesses open around the world to mine Bitcoin as they see profit in this operation.

[zhoutong 2188]

The virus we been told that it was eradicated in China but I don't think this really happened. Whatever happened it didn't affect the Bitcoin network that is kept running and increasing without slowing down. After the halving it increased even more and with prices going higher hash power will only be higher too.

[cryptovlek 2597]

I was also very much interested about mining in China and how the covid could be affecting it, but the miners didn't stop their work and kept supporting the Bitcoin blockchain non stop. There were minimum problems but there were some problems with Bitmain and an inside fight for power in the company that made delays in production lines of new asic equipment and deliveries worldwide.

[Michar1 1693]

I think that at first it affects but that will help the crypto market to grow both in users or in prices.
And that sometimes that enhances the market and helps it achieve better results.

Edited November 14, 2020 by Michar1

[Brandonsaw 1973]

As we can see that problem in China has already been solved and if it affected bitcoin a lot, what worries me is that China is the one with the most cryptocurrencies, it is the country that buys the most bitcoin and if another economic problem comes back they will sell their bitcoin and take bitcoin  to lower the price that's what I don't like about China.

[Maaz sultan 265]

As we see the corona dump and now the prices of all the crypto currencies going to so high to sky like the price of bitcoin is comes to 4000usd in covid days and the crypto market recovers and the new investors come to this profitable field .

[entrepreneur 634]

I think that the pandemic has affect the cryptocurrencies market in a good way because more people are investing into them and making more more money.

[iloveyobit 6599]

China has always been and continues to be a very influential year in the price of Bitcoin and in the field of Bitcoin as a whole, whether through good or bad news through caution in dealing with Bitcoin and likewise imposing fees on it