THE PROLONGED CORONAVIRUS MAY AFFECT THE GROWTH OF BITCOIN
Mark Lemon – Cryptocurrency Professional
While the Coronavirus is only not only a crypto-specific issue, the impacts of the hastily spreading virus are slowly starting to affect the Bitcoin network’s mining activities as well as the number of transactions related to people buying and selling Bitcoin. This is possible because up to 65% of the total is currently positioned in China.
Due to the numbers affected in the population, they are preferring to provide essentials to the suffering public, while logistics issues are adding fuel to the fire. The mining farms are badly affected as Wuhan has the cheapest electricity and as such, most of the farms are located there.
On the other hand, Chinese miner manufacturers are seeking new pieces of equipment ahead of bitcoin’s scheduled halving in May. But just in case the virus does not get controlled, it will be hard to manage the blockchains- says Kevin Shao, general manager of Canaan Creative's blockchain arm.
Mining cannot be improved because there is currently a shortage of the latest mining machines. Facing delays in production and delivery is a normal state for the Bitcoin miners in China, Bitmain, Canaan, MicroBT and InnoSilicon. They are hoping to fully take hold of the situation by the 10th of February. Further to this, they hope to have new mining machines installed before the end of May. China and the entire world are hoping for an optimistic change ahead of this month, as it’s not only about a business, but it’s about humans who can improve the mining process.
With the rapid worldwide spread of Covid-19, uncertainty and confusion has swept through all markets. With most market prices falling, it’s no wonder that cryptocurrencies have been affected too. If you are interested in buying and selling cryptocurrency, head over to BC Bitcoin, the most trusted Bitcoin broker, and start your Bitcoin journey today