Mining Operations Begin Shutting Down in China Over Coronavirus

Mining Operations Begin Shutting Down in China Over Coronavirus

As a result of the Coronavirus epidemic in China, the authorities have carried out necessary measures to contain the disaster.

Businesses, both large and small, are taking a serious beating as a result of the tragedy. Residents have been urged to stay at home and have to means to return to work because of the existing quarantine control.

BTC.top, a China-based mining farm, is one of the victims of the unfortunate shut down. The Chief Executive Officer of the firm, Jiang Zhuoer posted on social media that the firm has been ordered to close down one of its mining farms located in a secluded part of the country. He added that the authorities did not mention when they will be allowed to resume work.

Zhuoer explained that the farm never ceased operations neither did any of its workforces leave the environment before the quarantine control activities.

Fears Over the Halving and Virus Impact on the Mining Industry
Cheap electricity and resources in provinces like Xinjiang, Yunnan, and Sichuan have been one of the main reasons why China is highly sought after by Bitcoin miners.

Bitmain and Canaan Creative are the most prominent mining chip manufacturing firms in China, with Bitmain being responsible for manufacturing over 66% of all mining hardware globally.

Sadly, as the virus continues to spread, these enterprises and many more have announced that there would be holdups in their after-sale operations until the 10th of February.

Furthermore, Bitcoin is scheduled for another halving in about 102 days. Many cryptocurrency traders and investors suspect that this could have a serious effect on price action. With forecasts stipulating that the coronavirus’ timespan will overlap the halving, many mining firms fear that together, these elements could strongly impact the maintenance and production of mining machines.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.