Restrictive measures to block the advance of the coronavirus globally are also having an impact on Bitcoin mining, let's see how.

Bitcoin mining is also undergoing the impact of the coronavirus. Many "mines" are complaining about the obstacles placed by the restrictions to avert the transmission of COVID-19.

Crypto-industry is facing many difficulties, without forgetting that Bitcoin's demand is decreasing.

Quantifying the damage is not yet possible, it will all depend on how the pandemic will develop in the coming weeks and on the adaptability of the entire sector.

Coronavirus hauls Bitcoin mining

The global economy is experiencing a complicated situation because of the coronavirus. Among the sectors affected by COVID-19 there is also that of cryptocurrencies, where the various critical issues emerging in mining are being addressed.

The new virus is in fact impacting heavily on the success of the operations, the companies involved are not among the essential activities and for this reason they have been forced to send their employees home.

The effect that quarantine and isolation are having on the extraction of Bitcoin is significant, given that the impediments to workers affect the production capacity of each. Access to mines and offices is of fundamental importance as highlighted by the companies operating in the sector.

The lockdown imposed in China caused the hash rate, the unit of measurement of the processing power of the Bitcoin network, to drop from 136.2 quintillions of hash per second on March 1 to 75.7 quintillions of 26 of the same month. 30% of the extractions take place between Dongguan and Shenzhen in the province of Guangdong and the companies are only resuming their activities in these days, with consequences for the rest of the world.

Few mining machines from China

The major node for the various companies operating in the Bitcoin mining sector was the scarce availability of the most recent and most performing machines. These should have come from China, which in recent weeks has imposed strict export restrictions.

The use of less updated devices with less computing power such as the S9s machines sold in large quantities from Beijing has led to a stagnation of operations and in some cases to a temporary interruption. Many complained of delays or cancellations of orders as early as January and some difficulties are still encountered today. Several operators have moved their operations to Russia to remedy the situation.

The approach of halving next May 20 must be added to this situation. Also for this reason many activities are on stand-by at least until the efforts generate interesting profits again.