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Genesis Mining: If Economic Crisis Deepens Bitcoin Will Shine as the New Gold

Philip Salter, head of operations at Genesis Mining, believes that economic meltdown may lead to a growing value for Bitcoin as a hedge against the banks.

In the last couple of weeks, there has been a lot of turmoil in the Bitcoin world. There was a rapid decline in hashrate, followed by an even more precipitous price drop. This was particularly troublesome in view of the impending halving.

Cointelegraph has had an in-depth conversation on these topics with one of the most prominent figures in the Bitcoin mining space, Phil Salter.

Bitcoin miners have margin calls too

Speaking on whether miners played a major role in the recent market decline, Salter observed:

“It’s no different from traditional markets, you have to sell everything to keep the operations going, to pay off your debts. As a miner you have bills to pay, you have to pay for electricity, for operations; and your expenses are in dollars, so as the price of bitcoin is dropping, it means you have to sell more of your inventory just to keep going.” Read More...