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Bitcoin’s Computing Power Is Growing Again After Coronavirus-Related Disruption

The computer processing power of the bitcoin network is growing again – albeit slowly – as major Chinese miner manufacturers gradually resume business after the coronavirus outbreak delayed shipments.

The average hashing power on bitcoin (BTC) over the past seven days has reached a new high of around 117.5 exahashes per second (EH/s), up 5.4 percent from where it stagnated for a month beginning Jan. 28, according to data from PoolIn, which, along side with F2pool, are currently the two largest bitcoin mining pools.

bitcoin

Data from BTC.com further estimates bitcoin’s mining difficulty, a measure of competitiveness in the field, will increase by 2.15 percent when it adjusts itself in about five days thanks to the increased hashing power in the current period.

The growth comes as major Chinese miner manufacturers have gradually resumed shipments over the past one to two weeks. The coronavirus outbreak had forced many businesses across the country to extend the Chinese New York holiday since the end of January.

Shenzhen-based MicroBT, maker of the WhatsMiner, said it has gradually resumed business and shipments since mid-February, and noted that more mining farm locations are accessible than a month ago.

Similarly, Beijing-based Bitmain has also restarted domestic and overseas shipments since late February. The firm’s domestic repairing service has returned to work since Feb. 20.

MicroBT and Bitmain are now locked in a neck-and-neck race to roll out top-of-the-line equipment ahead of bitcoin’s halving in May. The third halving in the cryptocurrency’s 11-year history will reduce the amount of new bitcoin added to the network with each block (every 10 minutes or so) from 12.5 to 6.25.

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Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin35,847 0.33 % 1.31 % 6.64 %
Ethereum1,236.8 0.03 % 0.35 % 2.44 %
Tether0.9982 0.01 % 0.58 % 0.38 %
Polkadot17.93 3.94 % 1.32 % 92.18 %
XRP0.2767 0.16 % 1.29 % 13.18 %
Cardano0.3906 1.96 % 5.82 % 27.55 %
Litecoin143.00 0.36 % 1.34 % 16.55 %
Chainlink23.22 0.83 % 13.93 % 42.75 %
Bitcoin Cash481.04 0.71 % 2.41 % 20.50 %
Binance Coin46.59 1.24 % 6.83 % 9.41 %