• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Police Shuts Down Bitcoin Mine Over Coronavirus

06/02/2020 13:54
No comments
Bitcoin mining farm closed down in China over coronavirus, Feb 2020

A huge bitcoin mine has been shut down in China in an attempt to contain the Coronavirus outbreak that has now reached 28,000 confirmed cases in China.

Jiang Zhuoer, founder of bitcoin mining pool BTC.Top, revealed the forced shutdown on Tuesday, stating according to a very rough translation:

“Epidemic prevention in some places is already a mess. I have a mine in a remote suburb. The police came to force all the mining authorities and said that they would not resume work.

The problem is that we haven’t stopped work. Where did we return to work? Maintenance personnel have lived in the mine since the Spring Festival. There are no new arrivals.

It is understandable to take a regular temperature measurement, roll call, and strictly prohibit going out, but what are the benefits of stoping mining machinery for epidemic prevention?”

When Trustnodes spoke to some miners last month, they all said the mining farms were in remote regions therefore were not affected by the outbreak.

As infection numbers increase, however, it seems more and more measures are being taken to the point authorities there are now closing down remote mining farms, like the one pictured above.

Zhuoer said this is just one of many of his farms, but he appears concerned other premises might close too, stating:

“If we go on like this, most of the people (especially the laboring people in the front line) will have to die of poverty without suffering from the virus.”

In a brief video the premises are shown and some police cars, as well as a number of individuals outside who presumably are workers.

It’s not clear where exactly this factory is, with no industrial miners in Wuhan as far as we are aware.

Nor is it clear how much further this virus has to go, especially as it occurs during the seasonal flue as we reach mid winter.

Despite this closure and delays in new mining operations due to workers being told to stay at home, the bitcoin hashrate has increased as the price now nears $10,000.

That might be in part because a lot of mining now happens outside of China, with that trend potentially continuing.

A reduction in hash thus is kind of a gift to other miners as difficulty adjusts to make finding a bitcoin block easier.

So bitcoin’s operations are not quite affected by this action, but an estimated 65% of the hashrate is in China, with it potentially causing volatility in transaction processing times if this forced closure of mining farms continues.

Copyrights Trustnodes.com

Related Posts

The bitcoin train, starting its journey?

Bitcoin Nears $27,000 on Bank Troubles

Fed's balance sheet, March 2023

Not-QE is Back

Banks Bail Out Themself to Fed’s Applause

Only 30% of Arbitrum Users Receive Airdrop

Load More
  • Trending
  • Comments
  • Latest
Credit Suisse

Fed Swaps $9 Billion to Swiss National Bank, Bail Out For Credit Suisse?

The new New York

Crypto, Now Safer Than Fiat

Arbitrum abstract

Only 30% of Arbitrum Users Receive Airdrop

BlackRock's CEO Larry Fink

“Very Interesting Developments” Happening in Crypto Says BlackRock’s CEO

The bitcoin train, starting its journey?

Bitcoin Nears $27,000 on Bank Troubles

Fed's balance sheet, March 2023

Not-QE is Back

JP Morgan's CEO Jamie Dimon and Goldman Sachs' Chai Craig Blankfein back in 2016

Banks Bail Out Themself to Fed’s Applause

Arbitrum abstract

Only 30% of Arbitrum Users Receive Airdrop

Comments

Latest News

  • The Demise of Signature Bank, A Crypto Contrast
  • Fed Increases Global Liquidity
  • Bitcoin Nears $27,000 on Bank Troubles

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

(You have to be a paid subscriber)

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?