There has been a circadian increase in the Pandemic Coronavirus (COVID-19) and no vaccines are available yet which has become a big issue these days. Enormous processing power is needed for research and development which requires huge investment.
To cope up with that, US-based company Nvidia urges the big gamers and bitcoin miners to lend their unused computing power to fight against novel coronavirus. For this, on Friday Nvidia urged the gamers to install [email protected] application.
[email protected] is developed by Standford University Pande Lab in California and is released in 2000, which utilized the processing power of public computers from around the world to research for diseases like ALS, Parkinson’s. So, this is being used for disease research and now it taking the initiative to research pandemic Coronavirus.
This application will use the unutilized computing powers for the research purpose. It will help in bringing results through unutilized computing power.
Do you wonder from where they get this idea?
Guess it…… From one popular website and you might be using it if you play games.
And the website is subreddit. The idea got viral through a post in the popular gaming subreddit and widely liked by the gamers.
This project will harness the unutilized powers and use it for the purpose of Research.
Bitcoin Miners Can also help:
It is not only that gamers use the high powered graphic card but Bitcoin miners also use these ultra powered graphic cards for specialized bitcoin purposes.
Actually, in bitcoin more powerful the computer is more bitcoin it will generate and there will be more chances of getting high computational power if they donate their computational power.
Fiach_Dub posted this, “Folding some proteins in virtual for the benefit of COVID 19 benefit is very much in the spirit of early Bitcoin mining”.
This is a great move as fellow Bitcoiners that is on Reddit are contributing to their computing power for the Research purpose and it will soon get acceptable by other gamers and Bitcoin users.
Do you know about Digiconomist? If no…….Have a look.
Digiconomist is a site that tracks Bitcoin energy consumption and according to Digiconomist, a single year of Bitcoin costs $3.66 billion and produces a carbon footprint comparable to that produced by Denmark.
If bitcoin users share their computing power then they also have to sacrifice their probable earnings.
There is a possibility that if Bitcoin prices continue to crash, then Bitcoin miners have to search for jobs for themselves.
Do you know that Coronavirus has effected the Bitcoin prices and to what extent?
Fear of Coronavirus has a huge effect on bitcoin prices. On one single day, the bitcoin prices have fallen up to 52% and was a very disruptive week for all the investors. This was a massive fall since 2008.
Not only Bitcoin, but the stock market is also affected in a massive manner.
According to the Crypto Fear and Greed Index, the market sentiments are so negative that 8 out of 10 are not ready to invest which is called extreme fear.
The number is so extreme, as these conditions when last prevails, the price of the Bitcoin was $3,100(November 2018) or $6000(February 2018 crash).
The equity market is also under the same pressure as the market sentiments are fatalistic and due to this fear, the investors are not ready to invest.
According to Equities Fear and Greed index, the level of fear among investors is 1, which means that investors have no belive in the market.
Governments and Institutions are already taking measures and has already announced some solutions to meet this dropdown in the economy. These measures will have a positive effect on the investors and the market conditions as the U.S. Equity market bounced by 8% in 30 minutes due to the measures taken by the President Trump. There was also a rise in the Bitcoin from $4,800 to $5600 in the same hours.
Regardless of this, there is further fall down expected as the whole economy is coming under the grip of Novel Coronavirus and it has effect on the sentiments of the investors.
If there is a rise in the number of cases of Coronavirus then further isolations will have an adverse effect on the market.
What’s next for Bitcoin?
BTC is considered as a risky asset and it is expected that there will be further fall down on the prices as it is the first one to be sold as public prefer cash rather than a digital currency or token.
Government and other financial firms will have a great impact on the market sentiments and it will be affecting every investor and if there will be a decline in the coronavirus cases it will have a positive effect on the market sentiments.