July 24, 2021

A peek into the Bitcoin miner’s 2020: Interview with BTC.top’s Jiang Zhuoer

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After a tumultuous 2020 that continued into Bitcoin (BTC) setting new all-time highs in 2021, Bitcoin miners are facing a bittersweet scenario — profits have skyrocketed, but multiple issues prevent them from buying more devices and boosting Bitcoin’s hash rate.

According to the founder of major mining pool BTC.Top, Jiang Zhuoer, global electronics supply chain issues are having their effect on the mining industry as well. Speaking with Cointelegraph, he said:

“There is definitely a shortage of equipment right now because, since the coronavirus epidemic, the global supply chain has been interrupted and is now in the process of gradually recovering. But the demand for chips has greatly increased, so now all industries are short of chips, whether it is Bitcoin mining or other industries, such as consumer electronics or even the automotive industry.”

Recently, car manufacturing giant General Motors shut down some of its plants due to the inability to source chips. Other carmakers have seen similar shutdowns in recent months as well.

The shortage of mining devices can be easily seen in Bitcoin’s hash rate. Since the halving in May 2020, Bitcoin’s hash rate hasTitle: A peek into the Bitcoin miner’s 2020: Interview with BTC.top’s Jiang Zhuoer
Sourced From: cointelegraph.com/news/a-peek-into-the-bitcoin-miner-s-2020-interview-with-btc-top-s-jiang-zhuoer
Published Date: Fri, 05 Mar 2021 11:55:45 +0000