Mining Equipment Prices Rise: Up to 30% on Bitcoin's Success
Date: 2024-12-20 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The Shenzhen cryptocurrency hub in China has seen prices for mining equipment rise due to high profits from Bitcoin mining. According to a report by Wen Wei Po, the popular Antminer S21 335T miner from Bitmain now costs $5,600. This is a significant increase compared to its price a year ago, when the device was sold for $3,836. The Antminer S21 XP model with water cooling will cost even more, as demand exceeds supply.
Hardware suppliers are reporting increased demand from buyers in Russia, the United States, and Canada. The increase in wholesale orders began immediately after the Bitcoin rate reached a new high. Despite the rise in prices of devices, mining remains a profitable business due to the increase in revenue from mining.
Mining equipment exports have increased significantly, with most shipments going through Hong Kong. The city has become a major hub for international trade since China banned cryptocurrency mining in 2021.
In addition to the rise in equipment prices, there has also been an increase in the difficulty of Bitcoin mining. According to TheMinerMag, on December 16, mining difficulty reached a record high of 108.52 trillion units, an increase of 4.43% at block height 874,944. The average hash rate on the network has also risen to a maximum of 771 EH/s over the past two weeks. These figures indicate a lack of capacity among companies and a continuing increase in the cost of mined assets.
Thus, the popularity of Bitcoin not only increases the profitability of mining, but also stimulates the rapid development of the equipment market, despite growing competition.
