Upcoming Bitcoin block reward halving is less likely to affect Chinese miners as compared to miners around the world

2020 has turned out to be quite a volatile year for the leading cryptocurrency. The rising uncertainty resulting because of the pandemic has taken the world by storm as it destabilized the global economy. The upcoming bitcoin halving would have a tough impact on miners.

The upcoming halvening event of bitcoin is scheduled to take place next month. The halvening event would reduce the reward for miners by half. Currently, the reward for each block mined is 12.5 BTC, but it will be reduced to 6.25 following the halvening event. Mathew Graham, CEO of Sino Global Capital, said that the halvening event would have less effect on Chinese miners as compared to miners located in the rest of the world. 

 

 “Upcoming Bitcoin block reward halving is less likely to affect Chinese miners.” 

Mathew Graham, CEO of Sino Global Capital while talking about the impact of coronavirus on Chinese crypto industry, he remarked, “Chinese miners are less likely to be affected in a moving way than some of the international miners. For different reasons and certainly a major one is the electricity costs in China are extremely competitive.” The CEO further noted that the mining sentiment in China is “cautiously optimistic,” going into the halving event. 

 

“China closes in to launch its centralized digital currency.” 

China suffered some setbacks in the launch of its national digital currency because of the coronavirus outbreak that originated from Wuhan. However, reports show that China is back on track and is working on launching DCEP. The launch is expected to happen sooner than people are expecting. Mathew Graham went on to say that being a subset of blockchain, and it is important to note that although DCEP, the Chinese digital currency is still very much of a top-line item and priority for the mainland Chinese government. There were obviously some delays as a result of the mayhem wreaked by COVID-19, he added. 

This week China lifted a 76-day long curfew in Wuhan, where first reports of COVID 19 were reported. However, the positive cases of COVID 19 are increasing exponentially all over the world, with the US reporting the highest number of deaths and positive cases. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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