The impact of the pandemic on BTC mining

By KingsOfInvestment_eng on The Capital

The interest in Bitcoin is growing steadily every year. The impact of the Coronavirus pandemic led to an even greater number of people willing to invest in cryptocurrencies. Interestingly, even the state authorities of some countries have a positive mindset with regard to crypto mining. In early 2020, the government of Uzbekistan announced the creation of a “national mining system.” Canada also had an impact on the worldwide mining industry of Bitcoin. The Hydropower Agency in Quebec allowed the miners who were mining Bitcoin to obtain 300 MW of electricity. Europe is not lagging behind and Ukraine has said that it will not introduce any restrictions on the mining of cryptocurrencies. As early as May 2020, the Minister of Energy in Ukraine proposed to use state energy to mine BTC. This behavior is intended to prevent the waste of excess energy.

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Mining problem in China

Unfortunately, the increase in demand for BTC has led to negative consequences for Chinese miners. The reason for this is the hindered transportation of mining equipment related to the IT industry. As a result of COVID and lack of transportation of mining machines — mining has decreased by half!

According to official reports:

“As for the mining machine manufacturing sector, new players are keen to enter this sector and the old market players are also trying to update their technology in order to produce leading products on the market. In the first half of 2020, new generation mining machines were introduced, including Bitmain S19 and S19 Pro, WhatsMiner M30, Canaan A1146 Pro, and A1166 Pro. Data published by several manufacturers shows that the new generation has been significantly optimized and improved in terms of efficiency and energy consumption.”

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