Share this article
Another Bitcoin Mining Firm Warns COVID-19 Pandemic May Harm Its Business
Hut 8, one of the few publicly traded crypto mining firms, is concerned about coronavirus-related delays of new machine deliveries, its CEO said.
By David Pan
Updated Sep 14, 2021, 8:29 a.m. Published Apr 15, 2020, 8:00 a.m.
Hut 8 Mining Group, a publicly traded cryptocurrency mining firm, is concerned about coronavirus-related delays of new machine deliveries from potential suppliers such as Bitmain and MicroBT.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
During an earnings call last week, CEO Andrew Kiguel said his firm was grappling with a vague timeline for the delivery of crypto mining machines to support its farms, saying that while in February, “you thought” machines could be delivered between March and April, these timelines have since shifted due to the ongoing pandemic. He did not have a revised timeline either.
His remarks follow guidance from competitor Riot Blockchain, which also warned the novel coronavirus outbreak would impact its business operations.
“Three or four weeks ago, nobody thought these things would be an issue, and the world is grappling right now with different supply chain issues like getting ventilators and masks around the world as opposed to bitcoin mining machines,” Kiguel said.
Bitmain was one of several Chinese miner manufacturers that warned as far back as January – close to eight weeks ago – it would be forced to delay deliveries due to the coronavirus outbreak.
Bitmain has since resumed operations, though its delivery timetable is still unclear.
Halving concerns
Hut 8 Mining Group, one of the few publicly traded mining firms in the U.S., is also closely watching the upcoming bitcoin halving in hopes of appropriately scaling the size of its mining farm.
The Canadian firm is set to have a higher stake in the bitcoin market after launching its core operation in the middle of 2018 and acquiring facilities to boost its mining power last year. According to its year-end report for 2019, released on Monday, Hut 8 saw $58.6 million in revenue, up by 66 percent from the prior year, thanks to larger capacity and higher bitcoin price.
This places it as one of the productive miners in North America among its competition, including the Colorado-based Riot Blockchain.
Hut8’s coronavirus concerns come as the firm prepares for bitcoin’s hotly anticipated halving, tentatively set to occur in mid-May.
“There's a lot of different scenario planning that we've done,” Kiguel said.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
