The impact of the Corona virus on the cryptocurrency market has become directly or indirectly apparent, as the spread of the Corona virus interrupted the production process of updated and powerful Bitcoin mining equipment, in addition to the impact on several other industries and financial markets, which was also reflected in the price of Bitcoin, which fell in March to half the value.

Recently, media reports have emerged indicating that the Chinese pool known as “Valarhash Baite” has stopped and is heading towards mining alternative currencies.

Bitcoin faces a lot of challenges ahead of the next halving event, despite the 33% rise in Bitcoin hash in the past two days, there are still doubts about how Bitcoin will deal with the current pandemic and the next halving doesn’t have much left, so it’s no wonder that the complex Chinese miner Valarhash Baite has given up on Bitcoin mining.

Read:Launching the first cryptocurrency trading platform on the ICON network.. ICX coin price rises by 70%

Chinese miners control a large portion of the bitcoin hashrate, and the large bitcoin mining farms in China are the engine in the mining arena, where after “Valarhash Baite” pulled out of its bitcoin mining operations, the hash rate fell to 200 petahashes after peaking at 4,000 petahashes in March .

Valarhash Baite stops Bitcoin mining and turns to altcoins:

A cloud of uncertainty hangs over the bitcoin mining sky.

As if technical challenges like the halving event weren’t enough, the coronavirus pandemic has dealt a double whammy to the number one cryptocurrency.

A large group such as “Baite” stops mining Bitcoin, which could have far-reaching repercussions, and this mining pool “Baite” is looking to enter the market for alternative currencies that appear to the group as the most profitable.

The “Valarhash Baite” pool is an important player, and accounts for nearly 9% of the total Bitcoin hash rate, the absence of which will surely lead to a huge void in the Bitcoin mining arena.

Valarhash operates two bitcoin mining pools, 1THash and Bytepool.

Other groups in Valarhash include cloud mining project BTC 1TMine, 1THash likely will get the majority from big brother Bytepool, when Baite stops mining Bitcoin, hash power is likely to be shifted to pursue altcoins.

Read:Find out when smart contracts will start rolling out on the Cardano blockchain

The actual impact of the coronavirus on Chinese miners has yet to be verified, and although the crypto-mining world is witnessing more volatility, not all of these disruptions can be attributed to the outbreak of the coronavirus.

Read also:

Can the Corona virus eradicate cryptocurrency mining?

Thousands of Microsoft servers infected with mining malware since 2018