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While mining bitcoin these last few months, many of these mining firms have instead of selling the Bitcoin, take a loan with Bitcoin as collateral. They intended to sell at a profit after the bitcoin halving. However the current price drop has lead to them lose or 'most likely' lose their bitcoin at a much bigger loss. And we hope this is not the case with most mining firms.
The one thing you can do, and if it feasible for you, do some Bitcoin mining. It will should help our network. It's not going to be profitable at the moment but if a lot of us do this it might help in case there are big issues. Again the possibility of things getting worse are bleak but the reason we analyse situations is to be aware and be prepared.
The REAL test of Bitcoin is now, if the bitcoin hashrate still remains as strong and the price fluctuation keeps most mining operations working even for a month post halving Bitcoin then we have gone through the tough part and it's safe to say that the bitcoin network is of IMMENSE value and been through the test of time. This test will be the best proof Bitcoin's value and strength for decades to come and a reason to strengthen your belief in the value, technology, network and everything else with it.
References:
https://hut8mining.com/hut-8-responds...
https://simplywall.st/stocks/ca/softw...
https://cryptoslate.com/bitcoin-hashr...
https://twitter.com/btc_jacksparrow/s...
#Bitcoin #Cryptocurrency #Blockchain #BTC #ETH #Enjin #Tomochain #Crypto.com #Electroneum #Cardano
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NOTE The information discussed on the Altcoin Buzz YouTube or other social media channels is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
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Judas Bridge 15 MarI just pray that all coin price increase fast. But before that, this is an opportunity to buy as much as possible
22
Bitcoin have scales through many huddles, the post Bitcoin halving can only be profitable to anyone who owns some pieces if the if the mainstream adoption increases in a higher rate
21
Hope Ochei 15 MarWell said Osato, an increas in adoption May likely cause an upshoot in value.
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Imo Clement Ekuma 15 Mari still belive btc is going down for a while.
21
Hope Ochei 15 MarOnly time will tell.
20
Jae Subramoney 16 MarContrarian opinion. Interesting. Why do you say this??
12
Whyte_ Hemmy 16 MarNo better understanding than this, thanks man
11
Obiajulu Obioha 15 MarIt's a welcome idea. But to some of us the mining equipments are really expensive especially with my country's currency devaluing by the minute.
21
Samuel Olaitan 15 MarAs someone that want to invest in bitcoin now, this is the best time to do that now. Bitcoin is low and will definitely spike up. Try to read and understand the rudimentary foundation to Crypto before doing anything crypto related.
14
Viet My 16 MarYou are right, everything must be learned and experienced to succeed in investing in cryptocurrencies.
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Abiodun Pemisire 15 MarSince Bitcoin is going down now,why is the alt coin going down too?
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Hugo Boss 15 MarIs bit coin not the mother of all coin?
17
Abiodun Pemisire 15 MarSome alt coin are built to tackle Bitcoin in the crypto market. And some people are talking about adoption of altcoin ahead of Bitcoin. So since is their mother,why is it that most project want to rival Bitcoin?