Corona causes sales of Bitcoin mining companies to collapse by 50 percent

Corona causes sales of Bitcoin mining companies to collapse by 50 percent
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For the stock market newcomer – since the end of June, the company is on the Nasdaq Composite Index traded – was H1 2020 anything but a success story.

The turnover of the Bitcoin mining company has plummeted by over 50 percent compared to the same period last year

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In the semi-annual report that the Chinese company submitted to the US Securities and Exchange Commission, the corona outbreak is cited as the main reason for the decline in sales. The reason for the loss of sales was less the intermittent slump in the Bitcoin price than the supply bottlenecks for the chips that Ebang uses for its Bitcoin miners.

Our chip suppliers have reduced their production capacity due to the effects of COVID-19, which resulted in our resource scarcity in the first six months of 2020

says Ebang CEO Dong Hu in the reportquote. According to Hu, they reacted to the challenges of the corona crisis in good time:

Given the turbulent social and industrial environment, we took timely and proactive steps to ensure the resilience of our business operations and allow us to perform well after market conditions return to normal.