Canada based crypto mining and blockchain infrastructure company Bitfarm is temporarily scaling down its workforce citing the economic and social effects resulting from the spread of the coronavirus pandemic.

Through a company update <a href="https://www.businesswire.com/news/home/20200406005886/en/Bitfarms-Update-Impact-COVID-19-Cost-Efficiency-Measures">published</a> on April 6, the firm indicated that it has been successful in maintaining an average hash rate of about 750 PH since March 19 through optimizing its operations to boost its computing power.

According to the<a href="https://www.cryptoknowmics.com/crypto/chinese-crypto-mining-giants-files-400m-initial-public-offering-ipo/"> crypto mining firm</a>, the move has ensured that it has been able to generate regular cash flow at this disastrous time. Indeed, the firm did mention the chaos that has erupted in both the traditional and digital currencies due to the spread of coronavirus.

Moreover, the Canadian crypto mining firm also highlighted that to maintain its growth during these dark times, it will have to scale down its workforce temporarily; in line with the guidance provided by the government. The firm claims that the move will help combat the spread of coronavirus. However, Bitfarm does not provide the details of its consensus with the affected workers.

Bitfarm is not the sole crypto-related entity that has felt the impact of the deadly virus. Recently, blockchain-based video content media firm, BlockTV which is based in Israel laid off almost 80 percent of its workforce.
<h2>The adverse effects of mid-march panic sell-off</h2>
As per Bitfarm’s update, the company was able to successfully maintain the average daily hash rate of 630 PH between March 12 and March 19. In between those dates, the price of bitcoin plummeted by almost 50 percent at a point and began its recovery slowly. After March 20, the price of bitcoin stabilized at somewhere above $6,000 and Bitfarm's daily average hash rate rose to 750 PH.

During the mid-March historic bear market, miners had to turn off mining equipment to scale down the crypto mining cost. However, to enable <a href="https://www.cryptoknowmics.com/crypto/miner-capitulations-creating-strong-divergence-claims-analyst/">miners</a> to conclude their job and receive rewards, BTC underwent through one of the most difficult adjustments in its short history later in March.

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Canadian crypto mining firm Bitfarm reduces workforce amid COVID-19

Canada based crypto mining and blockchain infrastructure company Bitfarm, is temporarily scaling down its workforce citing the economic and social... %

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Canadian crypto mining firm Bitfarm reduces workforce amid COVID-19

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