🦠🦠 Does COVID-19 affect Bitcoin and Mining Operations?

Yes, but not how you may expect To view this email as a web page, go [here.]( [Click here to watch the video!]( [WATCH THE VIDEO]( Hey Miner, I'm writing these few lines with the motivation to update you about the state of the mining sector and the status of the Bitcoin network during the COVID-19 International crisis. Everyone faced intense times during the last weeks. The COVID-19 virus spread to most of the countries, affecting everyone’s lives. In the mining sector and the Bitcoin network it wasn't different either: we also experienced the impacts. In the last few days, we saw a significant increase in block times and therefore also Bitcoin transaction times. Transactions were taking more time to confirm. As fewer miners were mining on the network, the network slowed down, and we were waiting for the difficulty to readjust and return to the standard 10 minutes per block. The difficulty adjustment happened yesterday (26/March). This was one of the most significant drops in the Bitcoin mining hashrate in the history of Bitcoin: it decreased by around 16%. Which means that 16% fewer miners are active on the network right now. There are two main factors that caused the network to slow down and the difficulty to decrease: - A slowdown of international logistics is causing less new hashpower to come available online. - Old miners became unprofitable after the substantial drop in the Bitcoin price. Here at Genesis Mining, we see this decrease in mining difficulty as a reward for the most efficient miners and believers. If you are focused on getting and accumulating bitcoin rewards, this drop in mining difficulty just before the halving seems like a gift and an opportunity. And also, it could signal what will happen after the halving: many miners will drop out as our rewards get reduced, but this is a subject I will discuss in another newsletter. For us here, not many things changed. Our data centers are fully functional, and day to day mining operations are not affected by global developments. Only our expansion plans slowed down somewhat, but that’s a luxury problem to have. We hope you are doing well! Best regards, Philip Salter Head of Operations [Grab your hashpower while you still can!]( [Facebook]( [Twitter]( [Medium]( [Instagram]( [VK]( [Youtube]( © 2014-2020 Genesis Mining Disclaimer: Genesis Mining offers hardware rental and cloud hosted services to clients for virtual asset related applications and not investment purposes. The information in this email does not convey an offer of any type and is not intended to be, and should not be construed as, an offer to sell, or the solicitation of an offer to buy, any securities, commodities, or other financial products. In addition, the information in this email does not constitute the provision of investment advice. No assurances can be made that any aims, assumptions, expectations, strategies, and/or goals expressed or implied herein were or will be realized or that the activities or any performance described did or will continue at all or in the same manner as is described on this website. This Email is sent to: {EMAIL} [Unsubscribe]( Genesis Mining Cloud Services Ltd., Trinity Chambers, P.O. Box 4301,Road Town, Tortola, British Virgin Islands