The year 2020 has taken the world by storm, these are dreadful times for people all across the world and the global economy is in tatters.  Cryptocurrency has failed in keeping themselves aloof from this sea of misery and in the start drowned along with the traditional market. The market meltdown of March was an example of how badly it is when bitcoin lost 50% of its value.

The CEO of Sino Global, Mathew Graham was recently speaking on the Unconfirmed podcast <a href="https://unchainedpodcast.com/chinas-crypto-industry-and-dcep-in-the-time-of-coronavirus/" target="_blank" rel="noopener">episode</a>, highlighted the impact Covid-19 has had on the crypto ecosystem of China. He believed that bitcoin's volatility was impacted the most due to coronavirus.
<h2>Crypto Miners in China Are Cautiously Optimistic Regarding Bitcoin's Halving</h2>
However, while he stresses that bitcoin miners have been dealt a major blow too as profitability got seriously affected due to the drop in price, he believes that crypto miners in China remain largely unconcerned by it. He cites that most of the morning firms are situated in China and they will not be affected as badly as the miners across the world since China's electricity cost is highly competitive. Graham added that crypto miners are "cautiously optimistic" and are looking forward to the bitcoin halving which is just around the corner.

Before the coronavirus outbreak,  China was well on its way to launch DCEP. The primary reason why China was so hell-bent on launching its own CBDC was to provide a centralized digital currency to the people, after banning bitcoin and other currencies.

Graham notes that the country's plan to launch its blockchain-based CBDC is still a top target and even though the Covid-19 has slowed down the progress, the Chinese government would take all the necessary steps and measured at its disposal to jump-start the project soon.

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Crypto Miners in China are Cautiously Optimistic For Bitcoin Halving

Crypto miners in China are remaining ‘cautiously optimistic’ as bitcoin halving nears, according to the CEO of Sino Global.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Crypto Miners in China are Cautiously Optimistic For Bitcoin Halving

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