Bitcoin’s current value surge has pushed up mining gear prices, with Shenzhen’s Huaqiangbei district—a worldwide hub for crypto {hardware}—seeing a notable 30% value hike.
According to a report by Wen Wei Po, the worth of the Antminer S21 335T, a mining gadget, has now reached $5,600, or round RMB 40,700, climbing up by 30% in contrast to final 12 months’s value of $3836.19, which comes to 28,000 RMB. There is even a lot larger demand for the Antminer S21 XP, a uncooked mining gadget with water-cooling services, which has continued to trigger stockouts on Bitmain’s official web site.
Huaqiangbei retailers report a surge in bulk orders, with buyers from Russia, the U.S., and Canada buying tons of or hundreds of models. This demand is pushed by Bitcoin’s (BTC) rising value, which has precipitated mining companies to grow to be extra profitable even with the inflated prices of apparatus.
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Hong Kong has grow to be an necessary export hub
The 2021 ban on cryptocurrency mining in China resulted in mining machine transactions being redirected by way of Hong Kong due to Hong Kong’s free-trade surroundings and ease of logistics. Merchants in Shenzhen mentioned many of the new mining gear is exported by way of Hong Kong, capitalizing on its standing as a method station for worldwide commerce. Cross-border logistics companies can ship mining machines to Hong Kong on the identical day, and the machines are then despatched to home and international air and sea transports.
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In the $100K to $108K vary, BTC mining problem reached an all-time excessive. The mining problem adjustment at block top 874,944, round 1:33 UTC on Dec. 16, elevated 4.43% and achieved an all-time excessive of 108.52 trillion, in accordance to TheMinerMag.
According to knowledge from Hashrate Index, the community’s common hashrate in the final 14 days hit 771 EH/s whereas the seven-day shifting common stood above 800 EH/s. This file hashing problem and fall in hash value displays the macro impression of BTC’s value improve on mining economics. It confirms the claimed {hardware} shortages and value surges and likewise offers perception into world competitors amongst miners. Although mining-related actions are explicitly banned in any kind by mainland China, the authorized framework in Hong Kong permits the sale and export of mining {hardware}, giving retailers an outlet to fulfill this world demand.
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