Home NewsBitcoin News Bitcoin Hash Rate Increases Due to Recent Business Resumption Among Chinese Miner Manufacturers

Bitcoin Hash Rate Increases Due to Recent Business Resumption Among Chinese Miner Manufacturers

by Monica Padillo

Bitcoin‘s hashing power has increased the past week due to several Chinese miner manufacturers gradually resuming operations in the midst of the Coronavirus outbreak.

According to a report by CoinDesk, crypto mining equipment manufacturers such as MicroBT, Bitmain, Canaan Creative recently began rolling out domestic and overseas shipments and new offerings after their businesses were stalled in late January, which was when the Coronavirus outbreak started.

MicroBT and Bitmain, in particular, are currently competing to release new equipment before Bitcoin’s planned halving in May—MicroBT began taking pre-orders for its Whatsminer M30s model while Bitmain released its AntMiner S19 and S19 Pro models last week.

Canaan Creative also launched its latest Avalon 1066 Pro model the previous week.

F2pool Chief Operating Officer Charles Chao Yu, however, noted that the manufacturers’ resumption of operations does not mean that they are fully recovered from the business disruption.

He noted that there are still several farm locations that are not accommodating maintenance teams and that the manufacturers will possibly no longer put up new chip orders for their older models.

According to data from BTC.com, Bitcoin’s 14-day average hash rate reached 110 EH/s on Jan. 28. 

Yu, along with F2pool Global Business Director Thomas Heller, expect the cryptocurrency’s hash rate to increase to the 120-130 EH/s range before May.


Feature photo from Pixabay