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Bitcoin Hashrate Unaffected by Coronavirus Crisis

  • China appears to have brought its coronavirus epidemic under control, with new cases slowing.

  • The global Bitcoin hashrate didn’t drop off during the peak of China’s epidemic in February.

  • That’s despite China accounting for two thirds of the global Bitcoin hashrate.

China’s drastic measures in response to the coronavirus outbreak appear to have brought the epidemic under control—and the country’s Bitcoin mining industry seems to have shown no signs of slowing down during the crisis.

Although half of Bitcoin’s hashrate comes from Chinese mining pools, it has consistently set new highs throughout the past two months, with no major drop off during the height of the coronavirus crisis in February.

China’s coronavirus epidemic “under control”

The coronavirus epidemic is slowing down in China, with the number of new cases dropping to double digits. At its peak, China reported more than a thousand new cases per day. According to China's National Health Commission, the country confirmed 17 new cases on March 9, 15 of which were from the Hubei area.

According to the Director-General of the World Health Organization, Dr. Tedros Adhanom Ghebreyesus, “China is bringing its epidemic under control,” with 70% of the more than 80,000 confirmed cases having recovered and been discharged from the hospital.

Based on the substantial decline in the number of new cases, researchers at Guangzhou Institute of Respiratory Health said in a paper published in the Journal of Thoracic Disease that the “second peak” of coronavirus in China had already passed in February. Read More...