As U.S. president Donald Trump wavers on decision to extend the U.S. lockdown or reopen economies, cryptocurrency miners are still weighing on potential outcomes.
Although cryptocurrency trading had slightly recovered, there is still hesitation among miners. The costs of analyzing blockchain transactions remain the same, while prices of digital currency fluctuate; earning them coin values not enough to even recover previous losses.
Most crypto traders do not foresee immediate economic recovery once businesses reopen. The public will have been left with reduced funds, or none at all, to even think of heading out for a buying spree. Besides, the Centers for Disease Control has warned that there could be a second wave that could be more severe than the first. It is likely that any plans for investing or buying will be put on hold as emergency funds; probably until there is certainty of a stable economy..
Unprofitable Bitcoin Mining Operations Could Cripple Start-Up Mining Businesses
Ideally, the best scenario is one in which the bitcoin price will rise. That way mining operation will regain its profitable traits. In early March, the cryptocurrency industry saw several operators liquidating their bitcoin-backed loans, whilst miners decided to shut down their mining machines.
There are also analysis reports of start-up privately-owned mining corporations, to likely disappear. That is if providers of hardware and funds will give priority to larger mining operators.
