Opinion: New crown pneumonia epidemic is affecting the development of the bitcoin mining market

CoinDesk released an analysis article saying that the new crown pneumonia is affecting the development of the bitcoin mining market. F2Pool business director Thomas Heller said the market downturn has made some bitcoin miners unprofitable. F2Pool has lost 10% of its hash power from customers (Asia and Europe), while some competitors may have lost close to 30%. At the same time, the North American bitcoin mining business has also been affected. Steve Barbour, founder of Upstream Data, which operates bitcoin mines in Canadian oil fields, said that at least so far, fewer companies have allocated resources for bitcoin mining. Almost all of these companies are emphasizing not to spend money to save costs, and Upstream Data is a service provider for these companies. Although the company's profits have been increasing previously, this month is flat, but it is expected that profits will start to decline next month.

At the same time, the coronavirus crisis is threatening the global Bitcoin mining hardware supply chain. Some Iranian miners have stated that their business stalled precisely because Bitcoin mining equipment could not be reached. In addition, many Iranian miners are considering relocating bitcoin mining to Russia or other places with cheap electricity as the Iranian government is actively working on taxing mining operations.