One of the largest cryptocurrency mining operators in North America Bitfarms Ltd. has announced it will reduce staffing in line with government guidance to help combat the spread of coronavirus pandemic.
According to an official press release, thanks to the layoffs, the company expects to reduce its monthly general and administrative expenses "by approximately 20 to 25%."
"We are also pleased to be benefitting recently from favourable US-CAD foreign exchange rates given the majority of our operating expenses are paid in Canadian dollars while revenue from Bitcoin is in US dollars," said John Rim, Chief Financial Officer.
Meanwhile, the hashrate of the Valarhash-owned Chinese mining pool Baite decreased significantly from 4,000 to 200 petahashes per second in early March. This reportedly reflects the company has decided to stop mining Bitcoin and focus on other cryptos.
Bitcoin's price fall and the upcoming halving, which is scheduled for May, have also forced mining devices makers to lower their prices, in some cases as much as 20%.
For instance, in early March, while MicroBT sold its WhatsMiner M30S for $2,500, its current price is $2,000, a 20% lower. For its part, the M20S model has dropped from $1,679 to $1,340.
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