Will bitcoin decline in the coming year 2020? This question will be a question that is much sought after by analysts in the crypto market, bitcoin prediction is a hot topic in the new year.
Crypto trading lovers will always have hope in the new 2020 year. There is good news from some analysts. It is estimated that the price of bitcoin will rise in 2020 to reach the highest price in 2017 or even reach the highest price break.
Why they say that the price of Bitcoin will go up is because the coin blocks being mined are decreasing. 2019 might not be a good year for Bitcoin because the price of BTC tends to decrease throughout the year.
Overall, all cryptocurrency is still in a bearish trend for now. Even though this year is one of the worst years for Bitcoin. But Bitcoin investors still predict that 2020 will be a bullish year for Bitcoin after halving.
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The development of blockchain technology 2019
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The growth of blockchain technology in 2019 gets a better response. Because more institutions or organizations have the desire to develop blockchain technology for financial gain.
We have heard about Libra, this is digital currency from Facebook. Everyone knows Facebook as the giant social network owned by Mark Zuckenberg has a big influence on business people.
There are even fears that Libra will be able to undermine the dominance of fiat money. As disclosed by the senator Sherrod Brown
He said that Libra could disrupt the $ US currency payment system. Bitcoin technology is in contrast to the central bank’s financial system.
Where the centralization of banks is no longer able to control the development of the digital economy with a decentralized distributed ledger blockchain technology.
According to the news, Facebook will launch Libra in 2020. The analyst said In 2020 a trend of global economic crisis can occur and political tension in the American presidential election.
The Fed is likely to face a big shock when fiat money is absorbed by crypto and bitcoin in 2020. The value of bitcoin will surge rapidly and is of very high value because the Fed does not have the power to control bitcoin technology.
Transparency of bitcoin blockchain technology data will get rid of the Fed. Blockchain technology will threaten the banking system.
Next up is NASDAQ, this is the second-largest indices exchange in the United States, they launched a Bitcoin futures contract. Nasdaq entered the crypto market due to increased demand from institutional investors in the US. To launch this futures contract, Nasdaq requested regulatory approval to operate.
The rise of bitcoin as a digital currency of the future replaces fiat money naturally. Trusted in digital currencies peer to peer transactions makes the countries of the world immediately adopt it.
Here are some countries that have developed blockchain technology
- To maximize digital finance People Bank of China (PBoC) has asked commercial banks to improve the application of blockchain technology.
- Norway has use crypto as a way of paying for plane tickets
- Bulgaria already has more than 200,000 bitcoins.
- Venezuela uses blockchain as an effort to avoid sanctions from America and launch crypto Petro in oil barrel transactions.
- Brazil uses bitcoin in transportation ticket purchases.
- Australia launched a blockchain and bitcoin cryptocurrency education program at Curtin University and even wants to be a global leader in blockchain technology.
- Central Bank of Egypt launched the crypto law and believes in digital transactions and cross-border payment cooperation between banks with the UAE and Saudi Arabia.
- Dubai has a bitcoin ATM.
- The Governor of Colorado welcomed the presence of the bitcoin blockchain technology.
- Bank of Argentina offers a money transfer system using bitcoin.
- California is developing bitcoin payment systems in retail businesses in more than 73 countries.
The countries of the world that adopt bitcoin are countries that prepare themselves for the global economic crisis.
Top prediction blockchain 2020
The year 2020 will come with various important events in the historical development of Blockchain technology. If in 2019 the growth of Blockchain began many developers would spend a lot of money to make blockchain innovations.
The US Congress has also highlighted and discussed the benefits of the blockchain and digital assets. China has spent a lot of money on developing blockchain technology.
The following are some important events that will occur in 2020
China will launch the Central Bank Digital Currency (CBDC)
China has the Asian tiger nickname China’s economic growth is very good compared to other Asian countries. President Xi Jinping has given a statement supporting the development of the blockchain.
And to expand this operation they spend large amounts of money. As recently the Bank of China (BoC) completed the issuance of an obligation equivalent to $ 2.8 billion.
Funds obtained for the development of Digital Currency / Electronic Payments (DC/EP) It is likely they will launch a Central Bank Digital Currency in 2020.
Facebook will launch Libra in limited functionality
It has become hot news that Facebook will launch Libra as their digital currency in 2019. But this idea faced many obstacles from regulators in the United States and Europe.
But they still to be developing this slowly and away from the media. Their GitHub repository is committed to regular development.
However, it seems that Libra will be launched in one jurisdiction and with very limited scope, partners, and functionality. Libra is not a means of payment and onboarding as was the original purpose of this idea.
Bitcoin ETF will still not be approved in 2020
There is a lot of rumor whether the US Securities and Exchange Commission (SEC) will approve one of several Bitcoin ETF submissions.
So far the SEC has refused the submission of the Bitcoin ETF, all for the same reason there was not enough financial oversight and manipulation in the underlying market.
Defi and Open Finance ecosystem will the growth
More than $ 290 million is locked in various applications that live in the Defi ecosystem.
This growth was largely by DAO Maker and Dai Stablecoin.
Open Finance is also hot in the venture capital space (VC) and this trend will continue.
Ethereum 2.0 will continue
The Ethereum 2.0 development team is increasingly vocal in continuing to develop Ethereum 2.0 for the better by sharing the progress achieved.
This gives better confidence for Ethereum blockchain which is better so reading optimism on this platform.
Lightning network will grow
The lightning network applies two layers to the bitcoin network which provides instant bitcoin transaction and payment services.
This network will dramatically increase the speed of bitcoin transactions which utilizes off-chain data and enables low costs.
By 2020, there will likely be a large increase in the number of applications, nodes, and channels created on this layer 2 networks.
This trend is developing in the bitcoin development ecosystem because companies and tools such as SSR and Exonum use the bitcoin network as a base.
Will Bitcoin skyrocket in 2020?
2018 and 2019 are quite black years for bitcoin prices, after the bubble that occurred at the end of 2017, bitcoin prices tend to fall until the end of 2019 yesterday.
Then what about Bitcoin 2020? will it skyrocket and return to the highest price? From several sources analyzing the change in the price of bitcoin in 2020, it will again rise.
There is a reason that says that this has happened several times during halving. Where when the halving took place for the first time in 2012.
Miners who previously get reward 50 Bitcoin, then drop only got reward 25 Bitcoin. This condition turned out to trigger the price of bitcoin to rise. Halving Bitcoin reward blocks may occur in May 2020.
The number of Bitcoin rewards now is 12.5 coins, which after halving will be a drop by half, to 6.25 coins.
The halving day is a day when the calculation of block rewards is reduced by half.
This event occurs every four years or 210,000 blocks. But that was not the only factor, because at that time demand increases which was also a factor in rising prices.
Bitcoin is designed with a certain number, in contrast to fiat money that is designed to always increase, so that from year to year mining it will decrease.
And when the supply has started to decrease then the possibility of prices will rise if demand increases or equals. A crypto market analyst Tone Vays said that the price of BTC would be more than $ 10,000 by the end of 2020.
Vays also believe that BTC prices are more likely to go up than down to $ 2,000 and add an all-time high (All-Time High) to occur in 2021.
But Alessio Rastani gives an opinion if BTC can reach $ 14,000, there is a high probability that the price exceeds $ 20,000. If the price reaches $ 20,000 then possible for BTC reaches $ 50,000.
Look interview in youtube
Bitcoin price 2 Agustus 2020
Price BTC experience shocking change, where prices reach at the level of US $ 12,114. This is a continued strengthening starting from 28 July 2020 and Saturday 1 August 2020 morning at the level of US $ 11,600. But the increase was halted and prices were reluctant to continue above the US $ 12 thousand.
The price finally reversed direction and then dropped to the US $ 10,521 in less than 30 minutes.
BTC’s struggle to reach the price of $ 13,000 still seems to be quite heavy for now. Although after rising significantly after halving, but there is market strength that has caused the price of Bitcoin to fall to as low as $ 11,000.
To re-push up prices up again requires a large market force, and this again takes time.
Bitcoin mining profitability 2020
The year 2020 has come, the bitcoin mining business will be one of the big question marks. There have been many articles that discuss halving bitcoin in 2020 which is expected to occur in May.
Where this halving occurs every four years in every 21000 blocks, which will reduce the miner’s reward. At this time the reward obtained by the miners is 12.5 BTC.
So when the miner completes a calculation to confirm a transaction he will receive a 12.5 BTC reward to their wallet.
And after halving occurs later in May, the miner will only get a 6.25 BTC reward. Thus the miner’s income will decrease, in theory.
Then is mining bitcoin in 2020 still profitable? What is Bitcoin mining profitability 2020?
Bitcoin mining reward halving in 2020
The workings of bitcoin miners are that they use computers at high speed to solve certain algorithms to confirm transactions.
And when the miner is able to complete the algorithm, he will get a bitcoin reward. The way the bitcoin cryptocurrency works is different from flat money.
Where fiat money is issued by the central bank, where they will increase the supply of the amount of money if needed for the purpose of developing the economic sector.
While Bitcoin is produced in a certain number of 21 million units, there are no more additions. Meanwhile, halving occurs every mining a total of 21000 blocks, and every time Bitcoin halving occurs, this will reduce the miner’s reward.
Since we first bitcoin mining miners get a reward of 50 BTC. This means halving has occurred twice. Halving happened every four years one time. The first halving reduces the reward to 25 BTC.
The second halving decreases the reward to 12.5 BTC and on May 12 according to Bitcoinblockhalf the third halving will occur and will decrease the reward to 6.25 BTC.
What is impact halving to the miner?
In 2018, some analysts said that the bitcoin mining business showed a somewhat lethargic indication, plus reports that this mining caused pollution and required high electricity costs.
From Tokeninsight sources get information that Bitcoin price volatility and reduction in BTC rewards affect the decline in hardware profits during the third quarter of 2019.
However, TokenSight stated that it did not reduce the demand for mining machinery. During the third quarter of 2019, more demand for high-efficiency machinery compared to the inventory.
They also examined mining statistics and concluded mining difficulties increased to the highest point of 12.76. Where the average increase in difficulty is at 6.76 percent per adjustment.
While the hash rate jumped to 109 EH/s. It can be concluded that mining company revenues will decline because most mining machines find it difficult to produce enough BTC to cover their purchasing costs.
Whether it’s mining difficulties or network hash rates will increase during the third halving in May 2020. However, many crypto experts claim that after this halving will push up the price of BTC, whether it’s fast or slow. This is because the rest of bitcoin is no longer large, and if goods are scarce the price will rise as in the law of demand and supply economy.
So this is good news for miners who are experiencing difficulties because BTC rewards are declining. If the price of BTC rises it will be able to cover the operating costs of computers and electricity.
How about individual miners?
Before halving occurs it is very important for miners to have an efficient power engine.
From TokenInsight, the performance of a high-efficiency miner is not comparable to the previous quarter, but it still beats the old engine. The old machine is decreasing its performance, where to reach the break-even point might reach 500 days.
With increasing electricity consumption and crypto mining costs, individual miners are almost gone. Although there are some bitcoin mining applications with Android.
That will only waste time and batteries because it is unable to compete with large mining companies with super-sophisticated computer networks. A choice that still makes sense for individual miners is joining in cloud mining. Cloud mining companies use a variety of mining machine categories.
This is to protect both investors and companies against the failure of one engine category.
Bitcoin mining cost in 2020
Mining bitcoins certainly requires a cost.
And how much this cost also depends on the equipment to be used, and also the place where they are mining. This is caused by differences in mining equipment which will cause a large number of costs to be incurred.
And to do bitcoin mining using super-sophisticated computer equipment will require electricity costs. Where the amount of electricity costs is different in each country. For example, by using the same mining equipment.
If you are mining in Germany this will be different in mining costs because electricity costs according to the data are the most expensive in the world.
To reduce the cost of electricity that is cheaper you can do mining in Canada. Or in China, because the country has a low electricity cost.
The image data below is a list of electricity costs in 2018 from the world energy council, We are not yet found valid data electricity costs in 2020. but I think there is no differ much with 2018
For the price of mining hardware also varies depending on the performance and quality of the tool.
If you want to get a cheaper price you can buy a used Antminer. But usually, the quality of the speed has decreased and this can reduce competitiveness with other miners.
The conclusion, for bitcoin mining, cost 2020.
That it depends on the mining equipment used and depends on where you live.
If you are in China for electricity costs can be kept as low as possible, and indeed most miners are from China.
In addition to the cost factor, of course, mining will also pay attention to the profitability factor.
Whether it will be possible to provide benefits or vice versa, operational costs are greater than the results.
Profitability factors also depend on the level of difficulty. The level of difficulty in mining bitcoin 2020 is of course also an increase compared to the previous period.
After halving and the remaining bitcoin that is mined. There will be less and this can cause its own level of difficulty because many more miners have better-supporting devices.
However, the level of difficulty does not mean that there are more miners entering the industry.
But because mining machines are becoming more sophisticated. So they are faster in making calculations to confirm transactions.
Choose the best coin to mine 2020
If you already have a mining machine in 2019.
Then you also need to pay attention to several points for 2020 mining.
- You need to find exchangers that can convert coins into fiat money, or buy popular coins like ETH and BTC.
- Then does the exchanger support the mined coin, although some coins may be more profitable to be mined if there is no exchanger that supports, it the cause a greater withdrawal fee.
- You should also pay attention to whether your country prohibits coin mining or not because in some countries there are banned coin crypto mining.
- You also have to evaluate the mining device for the long term, is it still feasible to use or not, because the progress of new technology can make the old technology to decrease its performance.
Seven Best and Profitable Coins
1. Bitcoin (BTC)
Certainly, this one coin is the king of cryptocurrency. Until now, all coins and token prices circulating in the market depend on the rise and fall of Bitcoin prices. According to predictions, it is estimated that the price of bitcoin will reach 15-20k US dollars.
Bitcoin is now no longer possible to be mined with CPU and GPU. The ASIC miner technology has replaced it much more quickly and efficiently. Likewise, if you have a large enough mining rig, you can try to mine it.
The practical way that is currently in great demand is to buy Could Mining one time payment. This service offers a one-time contract, so you directly mine Bitcoin for life. Cloud Mining like this can be bought directly to Minergate or CCG Mining.
2. Bitcoin Cash (BCH)
Bitcoin Cash cannot be seen after the eyes, because crypto is an alternative currency after BTC. BCH within a few months after its launch, its popularity was able to attract the attention of many people. This crypto will continue to pursue the sale value of BTC slowly.
BCH mining is now starting to get crowded, where GPU miners are slowly being displaced by the presence of ASIC. But one-time payment cloud mining is also available, once you pay, you can mine BCH for life. Cloud mining Bitcoin Cash is available at CCG Mining.
3. Litecoin (LTC)
In the most recent predictions, the selling price of LTC is expected to double, even triple by the end of 2020. Litecoin is still seen as a silver coin (BTC: gold coin) with a broad market. This coin is in every crypto exchange, and now comes the special LTC / Altcoin exchange.
4. Ethereum (ETH)
This coin innovation seems to continue to develop, with the token and smart contract launched by Ethereum. All technology and business fields can use it to launch ICOs.
ETH prices are expected to continue to soar due to the increasing number of DApps, the use of tokens, and the communities that support them.
Ethereum is still very possible to be mined with a GPU with a minimum specification of 3 8GB graphics cards each. This is due to the large number of miners who use ASIC, so the GPU miners must increase the rig specifications.
5. Monero (XMR)
The Monero community will continue to change the algorithm so that this coin can only be mined with the CPU and GPU.
6. Siacoin (SC)
Maybe many people will not think that “Next Bitcoin” which is currently being hunted by traders and miners is Siacoin. Why do you need Siacoin? In the future, online storage is needed and Siacoin technology is created for storage services.
Siacoin is claimed to be the safest in terms of data storage, and all users must pay it with SC coins. Coin Siacoin mining is currently rampant, and it is possible to be mined with GPU.
7. Bytcoin (BCN)
Who would have thought that Bytcoin was considered a coin dime in the class of Dogee could give birth to top-grade coins. Bytcoin is the first kryptonite-based crypto that cannot be tracked or anonymously.
The BCN coin algorithm has initiated the emergence of Monero and Electroneum. Bytcoin can be mined with CPU, GPU, and Android phones. It is estimated, BCN will rise in price in 2020 and so on.
Top altcoin to be mined in 2020
Mining bitcoin for some miners may no longer be considered worthy of profit, a smaller reward, the price of bitcoin in 2019 is often decreased.
This is considered by some miners to find alternative coins that are considered more profitable.
In the following, we have summarized the Changelly of several coins which become alternative coins to be mined in 2020.
Grin is relatively new in the crypto world, working on the basis of the MimbleWimble consensus algorithm, which ensures the privacy of transactions within the network.
The reward for mining: 60 GRIN per block
Grin traded famous exchangers including Poloniex, HitBTC, Bittrex, OKEx, and KUCoin.
Released since October 2016, anyone can mine Zcash, their algorithm allows mining with graphics cards, with the hashing Equihash function.
The reward for mining; 10 ZEC
Ravencoin is a protocol based on the Bitcoin code fork which adds a feature that allows tokens to be issued on the Ravencoin blockchain.
The reward for mining: 5000 RVN
Monero has been on the crypto market since 2014, this includes a reliable coin that is still growing and increasing in value, the current Monero price is 89.12 $ and may continue to increase.
The reward for mining: 2.47 XMR
Ethereum Classic (ETC)
To mine Ethereum classic, several GPU engines can be used
Ethereum classic is the result of Hardfork from Ethereum.
Ethereum classic offers a way to manage digital assets without intermediaries, such as banks and other financial institutions.
The reward for mining: 4 ETC
Litecoin offers a payment method that approaches zero coshes globally, a decentralized global payment network with no intermediaries
Coin has been widely accepted on many platforms, so this is one of the profitable alternative coins to mine.
The reward for mining:12.5 LTC
Bitcoin Gold (BTG)
Bitcoin gold is a cryptocurrency with fundamental bitcoin which can use a GPU to mine instead of using ASIC mining.
ASIC mining tends to monopolize by big players, but GPUs don’t, everyone can mine again.
The reward for mining; 12.5 BTG
Electronium offers a cellular-based payment method, ETN can be used for daily goods payments and can also top up pulses.
To mine ETN can use GPU and CPU.
The reward for mining: 7000 ETN
Dogecoin is a digital currency that can be used for payments via the internet, this is a peer to peer payment.
This coin was created by Billy Mark just for fun but actually got a good response in the market.
The reward for mining: 10.000 DOGE
Launched in 2015 Ethereum and later became one of the popular coins, the price has increased.
This is also a digital currency that can make transfers at any time at a low cost globally.
The reward for mining: 2 ETH
To calculate mining profitability with GPU or ASIC you can try using a platform https://whattomine.com
There are so many crypto market analysts are optimistic about the rising bitcoin 2020, this is also possible to increase demand this year.
Positive news about the development of Blockchain technology also allows providing added value to skyrocketing bitcoin prices.
But despite all that, whether bitcoin will skyrocket or even weaken even deeper, we can only follow the further market.
Because after all, not all countries have used Bitcoin, even many countries consider bitcoin to be illegal.
So that these factors will also be considered by investors before they will buy Bitcoin.
Sources Forbes, Aljazeera, CNN.
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