How COVID-19 has impacted crypto mining operations

Mining in the Time of COVID-19One of the biggest impacts on the Bitcoin mining industry was the supply chain disruption caused by COVID-19.

Not being able to receive new hardware or upgraded equipment in time meant that mining operations were running less efficiently until the supply lines caught up.

In order to make what they had previously been making, miners now have to mine twice as much - actually more than twice as much, because not only were earnings cut in half, operating expenses still stayed the same - which means many miners needed to upgrade their equipment.

Because mining would take more effort after the halving and would require an upgrade of equipment, many miners needed to evaluate if they wanted to continue mining and if it would be worth the investment.

It's a question miners would need to ask themselves post-halving anyhow, but this year, miners are asking "Is it worth it?" in the midst of a global financial crisis as well.

Once mining hardware gets to where it's going, they simply run with little personnel involvement, and there's little worry about having a number of staff on-site during a pandemic.

Because larger mining operations may have multiple sites - we at Genesis Mining have twelve data centers across six countries - we already know how to work remotely, another thing that the pandemic hasn't significantly affected.

Since we've been successfully mining and scaling our operations at Genesis Mining for over seven years, we've dealt with the unexpected, and have learned and grown through trial and error.

Genesis Mining is a cryptocurrency cloud mining company that offers an easy and safe way to purchase hashpower without having to deal with complex hardware and software setup.

It offers hosted cryptocurrency mining services and a variety of mining-related solutions to small and large scale customers.