The epidemic is raging and the world is in turmoil. In this moment of uncertainty, all walks of life have been affected to varying degrees. As a virtual currency, the mining difficulty of Bitcoin has also been affected by the epidemic. Mining machine shipment issues are intertwined with the slowdown in Bitcoin mining difficulty, creating new challenges for the entire cryptocurrency market.

During the epidemic, global logistics and transportation were severely hindered, and the production and transportation of mining machines also encountered difficulties. Due to the lockdowns and restrictions caused by the epidemic, the shipments of mining machines have been significantly reduced, which directly affects the speed of Bitcoin mining. Bitcoin mining relies on a large amount of computing power, and the tight supply of mining machines has led to an increase in mining difficulty, making mining more difficult.

As the difficulty of mining Bitcoin increases, miners face huge challenges. They need to invest more resources and effort to obtain the same amount of Bitcoin, which will undoubtedly increase their costs. The uncertainty caused by the epidemic has also made the Bitcoin market more volatile, and miners need to be more cautious in dealing with risks to ensure that their own interests are not damaged.

In addition to problems with mining machine shipments, the slowdown in Bitcoin mining difficulty has also been affected by the power supply during the epidemic. In some areas, due to the impact of the epidemic, the power supply is unstable, which has caused additional troubles to Bitcoin miners. Stable power supply is the basis for Bitcoin mining, and power problems during the epidemic made it difficult for miners to maintain stable operations, resulting in an increase in mining difficulty.

Facing various challenges brought about by the epidemic, Bitcoin miners need to respond more flexibly and innovatively. They can respond to the increase in mining difficulty by optimizing the efficiency of mining machines and reducing energy consumption costs. At the same time, they can also seek cooperation with local governments and power companies to jointly solve power supply problems and ensure the smooth progress of Bitcoin mining.

During this challenging time, Bitcoin miners need to remain vigilant and patient while also constantly exploring new solutions. The epidemic may bring some pain to the Bitcoin market, but it will also make the industry healthier and more mature. Only by remaining optimistic and innovative in the face of difficulties can Bitcoin stand out in the future market and face greater challenges.

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After maintaining steady growth in January, Bitcoin mining difficulty has stagnated over the past two weeks. This key measure of competition among Bitcoin miners has undoubtedly reflected the severe disruption caused by the outbreak of the new coronavirus (Wuhan pneumonia). economic activities in China.

Data shows that the "mining difficulty" used to measure solving mathematical problems to win newly generated Bitcoins was 0.52% higher than 14 days ago after adjustment on February 11. However, if it is compared with January 28 and January 14 Compared with Japan's 4.67% and 7.08% growth rate, there has been a sharp decline.

Bitcoin is designed so that the mining difficulty adjusts approximately every two weeks, depending on the computing power connected to the Bitcoin network. If more miners compete to earn newly generated Bitcoins, the mining difficulty will increase; conversely, when miners quit, the mining difficulty will decrease.

Before the growth in mining difficulty slows down, miners are preparing for the halving of mining rewards coming in May. By then, the mining rewards for each block generated every ten minutes or so will be halved to 6.
25 Bitcoins (current market value is approximately $640,000). This is the third time in the history of Bitcoin that the reward has been halved, which may also cause the operating costs of miners to exceed revenue.

Jason, co-founder and CEO of cryptocurrency lending startup DeFiner
Wu said, “As the halving approaches, many miners have been eliminating older mining machines and buying new, more powerful models.” He said that, for example, since the second half of 2019, mining farm tenants have begun to replace Bitmain’s AntMiner
Older models such as S7 and S9. Jason Wu said,

The outbreak of the Wuhan pneumonia may have delayed machine replacement and caused a slowdown in mining difficulty growth.

Operation with older models

Jason Wu pointed out that miners continue to operate old mining machines because Bitcoin currently maintains a high of more than $10,000. Continuing to operate old mining machines can maintain profitability while waiting for new models.

In addition to impacting the shipment of new mining machines, Wuhan pneumonia also directly affects some miners. For example, Aries, co-founder and CEO of Bibox
Wang said, "Although most mines continued to operate during the Lunar New Year, the mines were closed by the local government due to the outbreak."

Jiang Zhuoer, CEO of BTC.TOP, said on Weibo on the 4th that one of the company’s mines has been ordered to close by the local government. DeFiner and CEO Jason
Bibox, a Chinese cryptocurrency exchange based in Estonia, has invested millions of dollars in the mining industry, Wu said. He said,

Many investors, such as cryptocurrency funds and exchanges, are investing money in mining in anticipation that the halving of mining rewards will increase the price of Bitcoin. These investors purchase new mining machines, slots, and repair services from mining farms where they can pre-build mining machines.

Arms race respite

This situation provides miners with a respite from increasing competition. Abe, Chief Operating Officer of Panda Mining, a Shenzhen mining operator and manufacturer
Yang said, “The slowdown in the growth of mining difficulty is good news for miners. Mining is like an arms race, and generally the slowdown in the growth of mining difficulty means that these miners may receive higher returns from their mining investment. "

Abe
Yang pointed out that although almost all mining machine manufacturers have stopped production due to the Wuhan pneumonia epidemic, the lack of inventory has made the supply of new mining machines even more insufficient. “If it were not for the stagnant Bitcoin price before the Lunar New Year, we could have produced more. In addition, , we did not produce any mining machines during the holiday period.”

Abe
Yang said that although Bitcoin prices began to rise after the annual holiday, there is usually a delay between market price changes and equipment orders. The outbreak has slowed logistics, and many mines are located in remote areas, making it harder to deliver mining machines.