Bitcoin Sees Surge In Hashing Power After Outbreak Of Coronavirus

Data released by Poolin, the largest bitcoin mining pool, mentioned that from past few weeks the hashing power on Bitcoin (BTC) has reached up to 117.5 exahashes per second (EH/s). It has been noted that since January 28, 2020, the hashing power increases by 5.4 percent.

The BTC.com’s data estimated that the bitcoin might face a mining difficulty and could increase by 2.15 percent. 

From the last week of January 2020, after the outbreak of coronavirus, many businesses decided to increase the Chinese New York holiday.

Firms Resume Mining Businesses

Recently, the maker of the Whatsminer, MicroBT which is based in Shenzhen, has stated that since mid-February the firm resumed the shipment. The firm also stated that from a month ago, many of the mining farm locations were available in the country. According to the reports, from the last week of February, the Beijing-based Bitmain also started its domestic and overseas shipment again.

The report further suggested before May 2020, the MicroBT and Bitmain would roll out top-of-the-line equipment in the market. The Hangzhou-based Canaan Creative also resumed its business in mid-February. On February 28, 2020, it launched the latest Avalon 1066 Pro model. The report mentioned that the new model would boast the computing of 50 terahashes per second (TH/s).

Production And Capacity Are Not Recovered

The report added that the mining manufacturers, who have resumed their businesses are not yet delivering the same production and capacity to their clients as it was before the outbreak of the virus.

Charles Chao Yu, the chief operating officer of F2pool, while talking about the resumed businesses said that presently, the manufacturers have not recovered their production and capacity. He further stated, “As such, there won't be too many additional AntMiner S17 or WhatsMiner M20 series hitting the market”.