Connect with us

Chinese Crypto Mine Stop or Stall Operations Due to Coronavirus Outbreak


Chinese Crypto Mine Stop or Stall Operations Due to Coronavirus Outbreak

A mining farm is forced to shut down and mining companies are being affected by the spread of coronavirus

Due to the Coronavirus outbreak in China, the government has taken a series of measurements to keep the situation under control. Businesses are being affected across the nation. With the existing quarantine control, people are staying right at where they are and not be able to return to their work.

A mining farm, in particular, is being forced to shut down during the epidemic. According to CEO Jiang Zhuoer’s Weibo moment post on Feb. 4, all the mining machines have been forced to shut down in one of the mining farms he owns in a remote region in China.

Per Zhuoer’s post, the firm has been told that it’s not allowed to return to work at the moment. He claims that personnel at the mining farm have never stopped working and none of the maintenance staff has ever left this area before the quarantine control period.

Meanwhile, Bitcoin mining machine companies in China are delaying after-sale services

Affordable electricity and resources in provincial areas such as Xinjiang, Inner Mongolia, Yunnan and Sichuan have contributed to China’s status as a major market for Bitcoin miners.

Bitmain and Canaan Creative are the main mining chip manufacturers in China, with Bitmain producing 66% of the world’s cryptocurrency mining hardware.

Yet due to the outbreak of the virus, companies such as Bitmain, Canaan and MicroBT have published notices on their websites of delays in their after-sale services until Feb 10.

Bitcoin’s halving is less than 100 days away. Some crypto commentators believe this could trigger some serious price action. The coronavirus outbreak timespan overlaps with bitcoin’s halving event. Mining companies worry that these two factors are going to have a stronger impact on the maintenance of mining equipment and delivery of new mining machines.

Continue Reading

More in Bitcoin

To Top