Bitfarms’ crypto mining farm is reducing staff due to the corona virus crisis

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The Crypto Mining Farm reduces staff and also carries out cost-cutting measures. Bitfarms He explained that these are temporary measures that respond to the current health crisis.

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The enterprise BitfarmsWhat runs one of Canada’s largest crypto mining operationsreduces personnel.

In a press release today, the company stated that this is a temporary measure. “in line with government guidelines to combat the proliferation of COVID-19“” Also Bitfarms He pointed out that they have also taken permanent measures to reduce general costs and ensure continuity in operations.

In the press release, the CFO of BitfarmsJohn Rim commented:

After complete implementation in the next few weeks, we expect cost-saving measures to reduce our monthly general administration costs by around 20 to 25%.

The cryptocurrency mining company, Bitfarms listed on the TSX Venture Exchange from Canada and operates 5 data centers in Québec. In the statement, the Canadian company stated neither the total number of employees in the centers nor the number of layoffs.

Crypto mining farm reduces personnel

The Canadian mining farm announcement comes at a difficult time for the crypto mining industry. With a pandemic devastating the global economy and the difficulty of mining Bitcoin With a decline of 16% in March (the second highest percentage in history), a significant number of companies in this sector are at risk of existence.

In a recent report Riot blockchainThe manufacturer of crypto-mining devices raised concerns about the effects of the corona virus on mining operations. A few months ago, mining operations in China had similar quarrying difficulties due to quarantine measures.

In a hopeful mood Bitfarms He also announced that he had made it through March 19, one Hashrate Daily average of approx. 750 PH. The company has taken steps to optimize its operations and maximize its computing power after the fall Bitcoin from March 12th.

“”Our size and quality of business have allowed us to continue generating positive cash flow in these difficult times.“The Interim CEO and Chief Strategy Officer of Bitfarms, Emiliano Grodzki.

The Chinese mining group ceases operations

In other news from the crypto mining industry, China’s mining assembly Valarhash Baite announced that they would shut down their mining operations Bitcoin. The most recent decision for one of the largest mining pools in China was made after the Hashrate.

As reported by various news media, this is Hashrate from mining companies Bitcoin from Valarhash Baite decreased from 4,000 Petahashes to 200 in March. However, the group does not intend to give up mining altogether. According to company information Valarhash Baite will now look for mining opportunities Old coins.

The news of the cessation of mining Bitcoin The important mining assembly could destroy the crypto ecosystem. taking into account the fact that Chinese miners make up a significant part of the Hashrate from Bitcoin.

Sources: Publish Bitfarms, TheBlock, Crypto-political

Hannah Estefanía Pérez ‘version / DailyBitcoin

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