BTC is in trouble. Chain Death Spiral Looms. BSV Wins!

BTC hashrate dropped from 136 THs to 95 THs

Block difficulty just adjusted (26/3/2020) at block 622944

Latest block mined is 622986

Next difficulty adjustment is at 624960

Average block time for the last 2016 blocks was 11 minutes 54 secs

Current time to mine a block have reached 20 minutes. This loss of hashrate is serious and could result in the chain grinding to a halt.

What cause the loss of hashrate?

Economics! For some miners it has become unprofitable to mine and they are switching off their machines. All machines of the S9 generation will be unprofitable. The current economic climate and lock downs all over the world must also be a factor. I suppose it would be hard to convince the police that you have to go to work because bitcoin mining is an essential service.

Why is the price still holding?

There was a huge price collapse from $8000 to $5000 on 13 March and since then it has recovered to just over $6000. However it has been a phenomenon of selling the top. Whales are exiting!!

BCH and BSV

Most institutional investors would move out of crypto entirely until the scene settles. BCH and BSV do not suffer from hashrate gyrations because blocks adjust dynamically. However both will be undergoing halving in the next 14 days. The block subsidy will halve from 12.5 to 6.25. This is a 50% reduction in revenue if the price stays the same.

What will become obvious is that on BSV the income from transaction fees is increasing even reaching 50 coins yesterday. After halving only 900 coins will be mined per day. If this trend continues miners will start mining BSV as it will be much more profitable than mining BCH after the halving.

BTC is in trouble. It may finally succumb to the dreaded Chain Death Spiral.

I need bitcoins now. PLEASE HELP!!

Buying some bitcoins is still very difficult. There is still so much to learn and understand about Bitcoin, but as the price is going up daily the panic and need to getting some bitcoins quickly gets more urgent and desperate.

The fastest and safest way to start owning bitcoin is to buy a mining contract from Genesis mining. https://www.genesis-mining.com/  You will receive a small amount bitcoins daily into your account.

Right now you can purchase 1 Tera Hash of mining power for $150 USD and you can charge it against your credit card. This will give you 0.00032 Btc a day which is about 38 cents USD. At this rate it will take more than a year to recoup your investment.

However 2 things are happening. 1 The price of bitcoin is still going up and is in a very strong bull phase. This means the bitcoins that are credited to your account will appreciate in value. Secondly as the price increase mining cost decreases which means a bigger payout until the mining difficulty catches up. Thirdly transaction fees are also becoming more significant which improves the possiblity of a higher payout. All these factors means that the payback time will be shorter than you think as long as the bull phase continues. The contract is non terminating meaning that you will continue to receive some bitcoin daily forever. Considering that transaction fees will replace new coins issues, this is possible.

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