Mon. Jul 6th, 2020

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Will COVID-19 impact Bitcoin halving?

1 min read
bitcoin

Amidst the debacle, there are chances that the cause may drive up the price of Bitcoin. This destruction radiated from China has transmitted worldwide and rattled lobal supply chains, hitting the tech sector particularly hard. Consequently, so-called “mining farms” – which are typically giant warehouses filled with computers running on electricity 24/7 solving blockchain-related math puzzles – may face supply shortages.

The entire world is under lockdown. Governments made it compulsory for their citizens to self-quarantine to assuage Covid-19 contagion. However, delayed orders and congested ports mean miners may not get access to hardware they require to keep verifying transactions and producing more Bitcoin. BTC scarcity linked to the virus and to halving could thus constrict supply and drive prices higher.

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