The Bitcoin mining industry has been mostly unaffected by the coronavirus pandemic—beyond the falling price of Bitcoin—according to the biggest miners.
Four Bitcoin mining firms told Decrypt that, while supply chains for newer machines have been disrupted, they have faced few major issues. At least one firm has fully adapted to the pandemic, and all employees are now working remotely. And with conditions in China getting better, things are starting to go back to normal.
Bitcoin miners help to keep the network running. Image: Shutterstock.
“More people are going to work from the office, going to restaurants and going out. Of course everyone takes COVID-19 very seriously, and wears masks, but things are getting back to normal. So I don’t expect any issues from China in regards to the supply chain in the near future,” Thomas Heller, global business director of mining pool F2Pool, told Decrypt.
Despite the lockdown, some of the miners found new ways to adapt—and even thrive. According to mining firm Argo Blockchain, the entire company has migrated online.
“Our company and staff are all now working remotely, and all of our mining facilities have been able to continue running as normal,” an Argo spokesperson said.
“We have had no issues from our suppliers of mining rigs so far. We see demand at the moment driven more so by the Bitcoin halving in May as opposed to Covid-19,” the spokesperson said, adding, “From our own experience, we are expecting our latest shipment of 1,000 S17+ machines to be delivered and installed on time as arranged with our supplier.”
But the shutdown of supply chains around the world has had an impact on some Bitcoin mining companies.
The coronavirus has caused some headaches
Several miners have struggled with supply-chain issues for getting hold of new machines.
“During February, there were some challenges for some mining farms in China, due to restrictions on travel and shipments. In some locations, machines that were broken…