US mining company Digital Farms announced that it would suspend mining after purchasing 1,000 S9 mining machines

According to BlockBeats, due to the recent drop in Bitcoin prices and the spread of the new coronavirus, California-based cryptocurrency mining company Digital Farms has suspended its mining operations.

“Due to the significant drop in the market price of Bitcoin (BTC), its Bitcoin mining farm has been suspended indefinitely,” the company wrote in a report submitted to the SEC.

Last May, Digital Farms’ parent company DPW announced that they had acquired a 617,000-square-foot facility in the United States with “immediate access to 28 megawatts of power and infrastructure to support up to 300 megawatts.” Super Crypto Mining was acquired by DPW in January 2018 and later renamed Digital Farms. According to DWP’s annual report filed with the U.S. Securities and Exchange Commission in April 2019, the mining operation borrowed $5 million from two institutional investors and purchased 1,000 Antminer S9 mining machines from Bitmain. In February 2018, the company began mining Bitcoin, LTC, and ETH. But since February of this year, Bitcoin has been below $10,000, making it difficult for the mining company to continue to make a profit.

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