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- On April 10, 2020, Mathew Graham, CEO of Sino Global Capital, stated his opinion that the halving event would have less effect on Chinese miners.
- China has been back on track and is currently working on the launch of DCEP, according to the reports.
The coronavirus pandemic has arisen too many uncertainties in the world of Cryptocurrency. It has undermined the global economy and has created doubts amongst members of the crypto industry in stabilizing the economy. Miners fear the upcoming bitcoin halving the most for the tough impact it will have on them.
The halving event will lead to the reduction of the reward for miners by half. There will be a reduction of reward for each block mined to 6.25 BTC from 12.5 BTC.discussing on The schedule of the upcoming Bitcoin halving event is to take place in May this year.
On April 10, 2020, Mathew Graham, CEO of Sino Global Capital,statedhis opinion that the halving event would have less effect on Chinese miners in comparison to miners located in other parts of the world
‘Bitcoin block reward halving is less likely to affect Chinese miners’- Mathew
Mathew Graham, CEO of Sino Global Capital while discussing the impact of coronavirus on the Chinese crypto industry, also remarked that miners in China will be less probable to be affected when compared with the other international miners.
Drawing attention to the reasons he added, he said that there are different reasons for the same. The major reason is the electricity costs in China being reported to be extremely competitive.
The CEO also found it important to mention the optimistic perspective China owns about the halving event. He said that the mining sentiment in China has been cautiously optimistic.
China to launch its centralized digital currency
China is definite to have suffered a few setbacks regarding the launch of its national digital currency. The reason is the origin of the coronavirus outbreak from the Wuhan city.
Even so, China has been back on track. It is currently working on the launch of DCEP, according to the reports. The schedule of the launch to take place sooner than when people are expecting.
MATHEW’S OPINION
Mathew Graham, went on to add that about his opinion regarding the launch of China’s digital currency. He stated that although the Chinese digital currency DCEP has been very much of a top-line item, it was obvious that there were few delays. This is as a result of the mayhem caused by COVID-19.
EFFECT OF COVID-19 WORLDWIDE
China has reported having lifted a 76-day long curfew in Wuhan, the city where COVID-19 was first reported, this week. Nonetheless, with the US continuing to report the highest number of deaths and positive cases, the cases of coronavirus infection are increasing at a rapid rate in the rest of the world too.
