The intensifying coronavirus pandemic could also affect the cryptocurrency sphere. Many experts fear serious disruptions in digital assets mining and their transactions.
Experts at Riot Blockchain, a US cryptocurrency mining firm, are sure that the blockchain company is already facing the operational challenges. Due to the COVID-19 spread, such options as Bitcoin mining and its transactions turned out to be at risk.
Riot Blockchain analysts unveiled their concerns in a report to the Securities and Exchange Committee (SEC). In this document, experts outlined the effect the coronavirus outbreak is having on the company's mining operations. Notably, all of its employees were forced to either self-isolate or quarantine themselves.
According to Riot Blockchain, its supply chain related to BTC transactions has been disrupted due to production halts and transport restrictions. Experts note that if the company is not able to track miners' actions in blockchain networks, it will have difficulty operating its farms and Bitcoin mining will become impossible. As proof, the company cites statistics from Chinese mining firms which felt a similar pinch during the quarantine period.
At present, Riot Blockchain's operation features 4,000 S17 Pro Antminers purchased in December 2019. Now the company uses this equipment to tackle the current challenges. However, there is concern that the situation might deteriorate. Analysts recall that the cryptocurrency sphere experienced its second largest drop in history as the Bitcoin network adjusted its mining difficulty on March 26.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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