China’s Crypto Mining Industry Revives for Halving as Coronavirus Gradually Gets Controlled
Due to coronavirus outbreaks, the upstream and downstream of the crypto mining industry in China has been postponed at the beginning of this year. Now the crypto mining industry is gradually back on track. Whether it’s mining machine manufacturers, mining pools, mining farm owners or miners, they are all preparing for the upcoming battle – bitcoin halving.
Chinese crypto miner manufacturers like Bitmain began to publish new types, while miners actively “prepare for war”, all the mining farms are running in a high-speed.
There are only two and a half months left before bitcoin halving. Historically, the previous two bitcoin halving has given birth to a bull market. However, for the mining industry, halving is a challenge as the price of bitcoin after halving directly determines the two distinct destinies of the miners: gaining profits or being trapped in a crypto mining disaster.
The influence of coronavirus is weakened
Last week, practitioners in the whole crypto mining industry chain, from mining machine manufacturers and dealers to mines in China can only sigh amid the bitcoin soaring price before halving. Mainstream domestic miner makers were severely affected. Artem Eremin, product manager of 3Logic, an ASIC miner retailer, revealed that Bitmain and Cannan’s business was delayed for at least one week as arrangements of production, delivery, after-sales service, and repair is postponed.
As the coronavirus gets controlled, enterprises in China gradually return to work, Chinese mining practitioners said recently that the impact of the epidemic has gradually weakened. On February 14, Zhang Wencheng, director of sales of Whatsminer, a major Chinese miner maker said that:
“Our company’s production had been resumed as some logistics get normal, but not all mining farms are accessible. Large-scale investment may be affected due to the inability to inspect the farms and manufacturers.”
At present, other major miner makers in China like Bitmain, Canaan, pandaminer are also returning to work. As the logistics gets normal, miner manufacturers can basically produce and sell as usual.
All sections are preparing for the halving
The head of pandaminer said that at present, the mining machine is in short supply. With the recovery of the market, the mining revenue has increased by nearly 50%, and the demand of miners for mining has increased.
At present, the major mining manufacturers in China are actively improving production capacity and introducing new machines with higher energy efficiency ratio. Large crypto mining machine manufacturers are starting to launch new miners, miners are also looking for new mining farms, and upstream and downstream companies in the mining space are looking for new opportunities.
On February 27th, Bitmain, the world’s leading crypto mining hardware manufacturer, announced two new bitcoin mining models, Antminer S19 Pro and S19, which boast to offer “incredible performance”. Though Canaan has not launched a new machine in the near future, it has also made great efforts in marketing.
According to Shao Jianliang, CEO of Canaan blockchain, Canaan has launched many schemes such as mining machine mortgage, free purchase and installment purchase to improve sales. In addition, miners can lock in mining revenue by buying options and other products. Now mining farm owners began to recruit more miners as the wet season in Southwest China is coming at the end of this April.
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