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-to-coronavirus-covid-19-pandemic-concerns-and-drop-in-bitcoin-price
https://simplywall.st/stocks/ca/software/tsx-hut/hut-8-mining-shares/news/is-hut-8-mining-tsehut-using-too-much-debt/
https://cryptoslate.com/bitcoin-hashrate-barely-dropped-price-crash-to-3600-heres-why-its-a-positive-sign/

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