Covid-19 Continues to Worry About Mining Companies

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Hut 8 Mining Group, a public cryptocurrency mining firm, is worried about the delivery of new devices, just like Bitmain and MicroBT, due to the new type of coronavirus (Covid-19). Andrew Kiguel, the company’s CEO, said his firm was struggling with an uncertain timeline for the delivery of crypto mining machines. Unfortunately, a revised schedule is not yet available. Kiguel said:

“Three or four weeks ago, nobody thought it would be a problem, and the world is now struggling with different supply chain issues like buying ventilators and masks, unlike Bitcoin mining machines.”

Deliveries are Postponed
Bitmain was one of the few Chinese miner manufacturers to explain that they would have to delay deliveries due to the coronavirus outbreak. Bitmain continued to work, although the delivery schedule was still uncertain.

Hut 8 Mining Group, one of the few publicly available mining companies in the USA, closely monitors the Bitcoin halving. The Canadian firm gained a higher share in the Bitcoin market after launching its core operation in mid-2018 and acquiring new facilities to boost its mining power last year. According to the 2019 year-end report released on Monday, Hut 8 generated $ 58.6 million in revenue, up 66 percent compared to the previous year, thanks to its larger capacity and higher Bitcoin price.

Hut8’s coronavirus concerns arose during the firm’s preparation for Bitcoin halving. Speaking about this, Kiguel said, “There are many different scenario planning we do.”

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