China Coronavirus force cryptocurrency mining operations shut down ahead of Bitcoin halving
|- China Coronavirus continues to disrupt business activities; crypto mining starts to feel the pinch.
- Bitcoin halvening event in May 2020 could be overlapped by the Coronavirus outbreak.
The China Coronavirus outbreak has quickly become a global concern. The Chinese government has already taken extreme measures to not only contain the virus but also to fight and ensure maximum recovery for the affected people. However, business operations continue to suffer greatly because, in quarantined areas, people are required to stay right where they are.
One of the businesses affected is a crypto mining farm, BTC.top. As reported on Weibo by the farm’s CEO Jiang Zhuoer, mining operations have been interrupted. All the machines have been shut down in one of the company’s mining farms located in a remote part of China.
Zhuoer says authorities have informed the farm to stop operations until further notice. However, Zhuoer reckons that his personnel hasn’t left the farm since the Coronavirus broke out.
In addition to that, major suppliers of mining equipment, including Bitcoin, Canaan, and MicroBT are delaying aftersales services until February 10.
As Bitcoin halving continues to approach, speculation is mounting surrounding the bull rally expected after the event. Experts and commentators fear that if China Coronavirus overlaps with the May 2020 event, there could be a significant impact on the supply of BTC due to delays in maintenance and delivery of new mining equipment.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.