The Cost Of ASIC Miners Rise Parallely To The CoronaVirus Outbreak

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • The areas being affected by the CoronaVirus outbreak is on the rise, the rise of ASIC mining rigs are also rising parallel to it.
  • The multiple mining rig companies and manufacturers asked to relocate their production and manufacturing units to different places away from the epidemic affected areas.
  • The manager of the ASIC miners pointed out that there are no problems observed with the energy supply of the production sites.

The areas being affected by the CoronaVirus outbreak is on the rise, the rise of ASIC mining rigs are also rising parallel to it. China’s Canaan sales director, Chen Fen reported that during this outbreak will consequently increase the price of ASIC mining rigs.

The multiple mining rig companies and manufacturers asked to relocate their production and manufacturing units to different places away from the epidemic affected areas. It is an added cost to shift their factory settings to another place that adds to the price of the mining rigs directly.

And due to the change in factory settings and halt in the manufacturing units, the supplies of mining rigs have also taken a hit causing an abrupt shortage of supply.

Chang Fen also portrayed that the price of the mining rigs will deliberately increase in February and March, as the cost of manufacturing and supplying the finished products is much in increase.

Upon this heavy demand, the Canaan units were asked by the Chinese officials of the regulatory body to decrease the manufacturing of mining rigs as there is less number of service centers to the mining rigs produced.

The manager of the ASIC miners pointed out that there are no problems observed with the energy supply of the production sites. ASIC miners stand for Application-specific integrated circuit miners that designed to mine digital currencies and coins, each miner.

Is designed or integrated to mine individual coins with predefined has h structure and programmed has rated with rated power supply, most of the previous ASIC miners are defunct with only a few in the market earning a profit to the wallet. Users are defined to choose the miners carefully as there are many masked models to the original ones.

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