This is my biggest fear with Bitcoin, and cryptocurrency in general at the moment. For the first time in history, the price of Bitcoin vs. the cost to mine reached a point that is no longer profitable for miners. This means the miners will quit mining as it's a pointless act of carbon emissions for their wallets. Block times are longer and longer which makes Bitcoin less attractive because it takes so long to confirm blocks. If you are into altcoins, now may be a good time to invest in your favorites for the long term.
That is the belief of some right now, such as with Tony Spilotro in an article on NewsBTC.com who began his statement by stating "Bitcoin may be in its most dangerous position yet". Like we haven't heard that one before... I have a difference stance on the matter.
This is a socially induced dilemma. Undoing this is the same as HODL'ing until the coronavirus has passed, regardless of what the market does. Eventually, miners will begin mining again at an accelerated rate.
With the recent price jump last night and overall upward trend since the crash, I believe this trend will undoubtedly deter miners from throwing in the towel after investing so much into their setups; they are trying to cover their overhead at the very least, mining hardware is expensive!
So I say put up with slower block times for a little while. I say put up with the coronavirus and do your best not to get sick or cause sickness to spread in any way - I am basically in isolation for the next 2+ weeks. This will pass and when it does, the economy will get a jump start.
This really is the test of the lifetime for some HODL'ers, this is the first time anything like this has ever happened which makes it unpredictable and daunting. I wish you all the absolute best of luck! I do not believe Bitcoin will tank and I will HODL until I'm dead, lol. :P
Stay safe and good luck everyone, really.
-Thomas Wolf
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