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Coronavirus Hinders Chinese Blockchain Industry: Summits and Miner Sales are Delayed

Influenced by the coronavirus, a number of blockchain enterprises in China began its distributed office system (working remotely), but they find that they have nothing to do.

The domestic summit is no longer attended by audiences, as many countries have banned Chinese citizens from entering the country, which has also left overseas meetings a failure.

Bitcoin miners in the mountains and forests are perhaps the least affected. However, the overall stop of after-sales and logistics of crypto machinery makes them anxious.

The Chinese crypto space loves holding meetings. But in the context of the coronavirus, almost all meetings were postponed or even canceled.

According to the announcement released on Jan. 8 on the website of Binance that it will hold two-day blockchain week activities in Vietnam from Feb. 29 to Mar. 4. However, in a statement issued on February 1, Vietnam Civil Aviation Administration said that all routes between China and Vietnam would be canceled in order to prevent the coronavirus, the Vietnam summit is likely to be postponed.

Domestic offline blockchain activities will also be suspended due to the epidemic. 50 offline activities of blockchain are still in the state of “ticket sales” nationwide, involving nearly 20 cities such as Beijing, Shanghai, Hangzhou and Shenzhen.

Besides the crypto circle, the technical service providers in the blockchain industry are also facing the challenge.

“At present, we can’t go on business. Pre-sales consultants can only sort out documents at home, sort out business information, and keep it for later propaganda.”

Said a manager of a blockchain enterprise. To some extent, online office reduces the pressure of enterprises, but many problems are encountered in the promotion of original businesses.

As 70% of the global bitcoin computing power is concentrated in China. China’s crypto miners are mainly concentrated in Inner Mongolia, Xinjiang and Yunnan, as well as Sichuan.

A number of front-line miners and mine owners said that in the short term, the epidemic will not have a greater impact on the mining industry. As bitcoin mining farms are mostly built in the inner mountains with a small population.

“Up to now, I haven’t heard of any mining farms closed because of the epidemic.” Chen Hanping, a miner in Yunnan Province said, “as long as the power is not cut off and the network is kept on, the miners can dig all the time as it will not get infected.”

Moreover, bitcoin mining is not a labor-intensive industry. Many medium-sized mining farms with thousands of mining machines even need only two operations and maintenance personnel. In addition, there is no “labor insufficiency” problem caused by the extension of the Spring Festival holiday.

Some miners believe that compared with the epidemic, the short-term impact of the cryptocurrency price on the mining industry is greater, “as long as the cryptocurrency price rises, everything will be OK.”

However, concerns were also expressed. If the epidemic continues for a few more months, the mining industry will definitely be shocked. In two months, Sichuan will enter the wet season. In the past, many mining machines will be transferred from thermal power mines in Inner Mongolia, Xinjiang to hydropower mining farms in Sichuan, if the epidemic continues, these mining machines will not be able to be relocated successfully.

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