Crypto

Riot Blockchain Expects a big Bitcoin Mining Deficit due to the Coronavirus

The global impact of the coronavirus crisis cannot be underestimated. It now even seems that the Bitcoin mining industry may face some challenges moving forward, in the eyes of Riot Blockchain.

Bitcoin mining requires a set of specific conditions to be met.

Riot Blockchain is Concerned

As those conditions align, the profitability of the venture can be determined.

Riot Blockchain is one of the many companies active in this particular segment.

In its new annual report, the company is concerned about the coronavirus crisis.

So much even that the company expects a potential drop in overall revenue.

Riot Blockchain is also suffering from workers being quarantined and the supply chain locking up across the board.

Related Post

Bitcoin mining operators and manufacturers are, after all, nonessential businesses.

For the company, servicing miners and the native ability to mine Bitcoin will be pretty problematic for quite some time to come.

How the situation will evolve over the next few weeks, is anyone’s guess at this point.

It is not the first time that a Bitcoin mining firm expresses its concern over the current coronavirus

situation.

It would explain why the Bitcoin network hashrate has come down significantly in recent weeks.

Unless the situation improves, the upcoming block reward halving may not be much of a joyous occasion after all.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Best Crypto Wallets 2024: Top Choices for Security & Rewards

The 5 Best Crypto Wallets Worth Using in 2024 — Find Out Why Selecting a…

35 mins ago

Ethereum Ecosystem Primed For A November Rally – ETH Coins Chainlink (LINK), Toncoin (TON), And Cutoshi (CUTO) The Ones To Watch

With a Total Value Locked (TVL) of $50.72B, Ethereum is the world's largest blockchain, with…

7 hours ago

Analysts Predict a Rollblock 5000% Surge Dwarfing Pepe Coin and Popcat Recent Fame

The meme coin market has recently been surging once again; tokens such as Pepe and…

17 hours ago

FLOKI Dominates Meme Market as Rollblock ICO Skyrockets. Is Polkadot Losing Its Edge?

The FLOKI price has recorded over 300% yearly ROI, dominating crypto gains in the meme…

17 hours ago

Which Crypto Could Turn $1K Into $100K: Algorand (ALGO), Aptos (APT), or Rollblock (RBLK)?

Crypto investors are constantly searching for promising opportunities to diversify their portfolios and Algorand, Aptos,…

17 hours ago

Which Crypto Could Turn $1K Into $100K: Algorand (ALGO), Aptos (APT), or Rollblock (RBLK)?

Crypto investors are constantly searching for promising opportunities to diversify their portfolios and Algorand, Aptos,…

17 hours ago