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Bitcoin Mining Not Affected By Coronavirus Pandemic Study Has Shown

A report put together by Biggest Miners has shown that bitcoin has mostly been unaffected by the Coronavirus pandemic that is ravaging the world. The coronavirus pandemic that started in China around December 2019 has spread to most parts of the world. It was confirmed by four mining firms when they told Decrypt that they had faced challenges in acquiring new mining machines, and their firms have faced little issues. With the conditions in China getting better, a firm has confessed that they have gotten used to the situation the pandemic has created with its workers still working from home.

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Thomas Heller, Global Mining Director at F2pool, told Decrypt that he does not expect new cases coming out of China, with things are returning to normal. “More people are going to work from the office, going to restaurants and going out. Of course, everyone takes COVID-19 very seriously and wears masks, but things are getting back to normal. So I don’t expect any issues from China in regards to the supply chain in the near future,” he said. “During February, there were some challenges for some mining farms in China, due to restrictions on travel and shipments. In some locations, machines that were broken were unable to be sent to offsite repair centers,” explained Heller.

Some mining outfits are thriving despite the lockdown around the world seemed to the fact that they have migrated their services online as the case of Argo Blockchain. “Our company and staff are all now working remotely, and all of our mining facilities have been able to continue running as normal,” an Argo spokesman told reporters. “We have had no issues from our suppliers of mining rigs so far. We see demand at the moment driven more so by the Bitcoin halving in May as opposed to COVID-19,” the spokesperson said, adding, “From our own experience, we are expecting our latest shipment of 1,000 S17+ machines to be delivered and installed on time as arranged with our supplier.” He further added.

While some have thrived under the situation, others have not been fortunate enough to get their business moving so well with the supply of machine parts shut down worldwide. China-based mining manufacturer Whatsminer was as saying, “It has slowed up manufacturing due to factory workers, not all returning from holiday in February and accessibility to parts like spare PSU has been harder.” But Whatsminer had already shipped its m30 series mining rigs, so it wasn’t that badly affected. This was due to the disruption of its supply services across the globe.

The pandemic has further contributed to the drop in the demand for mining machines, as confirmed by the Argo spokesman.  He said, “Our understanding of the market is that demand for the most up-to-date and efficient rigs has slowed as many mining operations are choosing a more cautious approach ahead of the halving.”

If there is anything to be worried about, it’s the price of the digital assets that the miners should be worried about

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Ifaenyi Egede (Nigeria)

Ifeanyi Egede is a new writer on Tokenhell, his articles are cryptocurrency news and platform review based. We recommend following his latest posts as they are always very informative and super interesting.

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