Digital Currency Revolution Series: Is COVID-19 Turning To Be Blessing For Bitcoin Halving Event?

Several critical thinkers have perceived the prevailing ‘pandemic COVID-19’ as blessing in disguise in various cases. While the total reported death cases exceeds due to this deadly contagious coronavirus across the globe, it has, on the flip side, allowed the mankind for the deepest and honest introspection and realize that man is running behind what essentially not needed when everything seems fair in the materialistic lives.

Well, Bitcoin (BTCUSD at Coinbase) price has been stabilized and regained the buying sentiments amid the massive struggle in the entire financial markets due to this contagion outbreak. The price of bitcoin has now reclaimed $7,000 levels again.

While the Bitcoin (BTCUSD) halving is expected to be scheduled around 18th May 2020. While sceptics and pessimists continue to the carry dubious eyes on bot Bitcoin’s sluggishness in adoptability and its price prospects. On the flip side, quite a few factors are functioning conducive for Bitcoin rather than destructively.

Well, preceding the Bitcoin network’s block reward halving in May, Bitcoin Cash (BCH), the largest fork of Bitcoin, will experience its block reward halving on Wednesday. Bitcoin-SV, the third-largest fork, is also expected to have its block reward halving in the next 50 days. For miners, all three major SHA-256 chains will see a reduction in block rewards, and miners will have to allocate resources between the three chains depending on mining profitability. 

The global economy may either undergo an extreme recessionary phase or an outright depression. While the pioneer cryptocurrency (i.e. Bitcoin) which is incepted during the last financial crunch (2008) and designed for combating such circumstance, its price likely to surge exponentially. As the many countries are locked-down, due to which businesses have halted and in several cases stay-at-home restrictions to maintain the social distancing is paving the way for people to look into the astonishing world of cryptos. 

With Bitcoin Cash, their miners would also be earning less BCH per block from this week, and this may turn miners away from the network in the near term. The price of BCH has also surged considerably (i.e. 12%) in anticipation of its halving.