Operating Director of the Genesis Mining service Philip Salter explained how problems in the banking system will affect the rate of the first cryptocurrency, and why miners are responsible for the March fall in its value.

The economic crisis will lead to an increase in interest in cryptocurrencies, in particular, bitcoin, said operating Director of the Genesis Mining service Philip Salter. According to him, the main digital coin will begin to serve as a hedging tool for risks, which will lead to its rise in price, writes Cointelegraph.

"If there is a real collapse of the economy, interest in the first cryptocurrency will soar, as it will become a hedging tool against the risks of the banking system. The more skepticism about the old economy, the more interest in bitcoin, " Salter explained.

He added that miners played a key role in the March drop in the Bitcoin exchange rate by 50%. The Manager of the cloud mining service said that since the costs of cryptocurrency miners are expressed in dollars, they are forced to sell more falling in the price of BTC to continue working.

The decline in value leads to high pressure from the miners, which lowers the asset rate lower and lower, Salter said. This happens until the miners start disabling equipment in anticipation of the price recovering to the break-even point.

About 35% of devices today are Bitmain's Antminer S9. Their break-even point at an average of $7800. At the same time, the price of the first cryptocurrency is at the level of $5900, over the past day it has decreased by 6%.