Bitcoin’s Computing Power Revives from Coronavirus Disruption

Bitcoin’s Computing Power Revives from Coronavirus Disruption

As major Chinese miner manufacturers gradually resume business as computer processing power of the bitcoin network is growing again-albeit slowly, after the coronavirus outbreak delayed shipments.

Over the past seven days, the average hashing power on Bitcoin (BTC) has reached a new high of around 117.5 exahashes per second (EH / s), up 5.4 percent from where it stagnated for a month beginning January 28, according to PoolIn data, which are currently the two largest bitcoin mining pools alongside F2pool.

BTC.com data further estimates the mining difficulty of bitcoin, a measure of competitiveness in the field, will rise by 2.15 per cent when it adjusts itself in about five days due to the increased hashing power in the current period.

Miners Resume Shipments

The growth comes as major Chinese miners have resumed shipments over the past one to two weeks. Since the end of January, coronavirus outbreak had forced many companies across the country to extend the Chinese New York holiday.

Shenzhen-based MicroBT, WhatsMiner’s maker, said that since mid-February it has gradually resumed business and shipments, and noted that more mining farms are accessible than a month ago.

Likewise, since late February, Bitmain, based in Beijing, has also rebooted domestic and overseas shipments. As of Feb. 20, the company’s domestic repair service has returned to work.

In a neck-and-neck race, MicroBT and Bitmain are now locked to roll out top-of – the-line equipment ahead of bitcoin’s halving in May. The third halving in the 11-year history of the crypto-currency will reduce the amount of new bitcoin added to the network from 12.5 to 6.25 with each block (every 10 minutes or so).

In addition to the competition, Canaan Creative, based in Hangzhou, also announced on Feb. 28 the launch of its latest Avalon 1066 Pro model, boasting a computing power of 50 terahashes per second (TH / s). Since mid-February, the company has also gradually resumed business.

Adding to the competition, Hangzhou-based Canaan Creative also announced the launch of its latest Avalon 1066 Pro model on Feb. 28, boasting a computing power of 50 terahashes per second (TH/s). The firm has also gradually resumed businesses since mid-February.

Cryptolydian reported earlier that, Major manufacturers of crypto-mining systems notified their clients that their cargos would be postponed for one week due to the coronavirus quarantine in China.

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