Are Crypto Companies Really Pandemic Resistant?

The disruption of supply chains across the globe due to the Coronavirus pandemic has resulted in substantial upheaval and its effect was also felt by China-based miners. The drop in Bitcoin’s hash rate was also speculated to have been influenced by COVID-19. Wu Tong, the Deputy Director of the CECBC Blockchain Special Committee of the Ministry of Commerce reportedly stated, “Under the influence of the pandemic, the difficulty of maintaining, updating, and continuing production of mining machines has further increased, and the price plunge has left many mining machines on sale. The mining machine sales has occurred, and the average selling price of each mining machine is 30% -50% lower than before the Spring Festival.” Read More...

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