Bitcoin Mining Industry Has Difficult Days Due To Coronavirus

Recent fluctuations in Bitcoin prices hit Bitcoin mining with the effect of the epidemic. As the world continues to fight the coronavirus pandemic, financial markets continue to contract.
When the leading cryptocurrency experienced huge fluctuations last month, the crypto industry was also affected, and it seems that the industry is still not immune to the epidemic. As the global epidemic made prices even more volatile, it had a huge impact on the Bitcoin mining industry.
Hard Fall in Bitcoin Hashrate
Bitcoin price dropped below $ 4,000 and there was a big drop in the hashrate of Bitcoin last month. Bitcoin’s hashrate shows how secure the blockchain network is. BTC’s hashrate rose to 150 EH / s on March 5 before reaching 105.6 EH / s on March 15, reaching its highest rate this year. The decline in Hashrate continued after this date. The main cause of this severe decline is thought to be the coronavirus outbreak.
Even though Bitcoin is over $ 6,600, the danger is still not past
Bitcoin price has risen above $ 6,600, an increase of over 5% in the past 24 hours. (At the level of $ 6746 as of writing this news) However, short-term estimates for Bitcoin indicate that the asset is still in a downward trend. The leading cryptocurrency may be on the verge of leaving traditional markets, but it will be very important in showing what direction Bitcoin will go in the next few weeks. Because a crypto analyst previously predicted that Bitcoin could once again fall below $ 4,000 in the short term.