The strong increase in Bitcoin prices is driving up demand for mining rigs, especially in Shenzhen, with a surge in sales as miners from Russia, the US, and Canada rush to buy. The prices of some mining rig models have increased by 30% compared to last year.
According to news on 17/12, the Bitcoin price explosion is creating a new wave of demand in the cryptocurrency mining machine market, mainly concentrated in Shenzhen, China. The recent Bitcoin price reaching $108,000, along with forecasts of reaching $200,000 next year, have stimulated miners worldwide, especially from Russia, the US, and Canada, to flock to technology hubs like Bao'an North to hunt for equipment.
This has led to a shortage of goods and the prices of some popular mining rig models, such as the Antminer S21, have increased by around 30% compared to the same period last year.
The Bitcoin Mining Equipment Fever
Suppliers in Bao'an North said the number of foreign customers has surged, with many large transactions from Russia, Ethiopia, the US, and Canada, with some buying hundreds or even thousands of machines.
The attractive profits from Bitcoin mining, combined with low electricity costs in some countries, are the main drivers of this trend. Russia, with an average electricity price of only $0.02/kWh, has become an ideal destination for Bitcoin mining, encouraging investors to invest heavily in equipment.
Canada has also emerged as a new Bitcoin mining hub thanks to abundant and cheap electricity, attracting many miners to set up bases in energy-rich regions. In addition to the advantage of low electricity costs, the stable political environment and relatively open policies towards cryptocurrencies in both Russia and Canada have also contributed to creating favorable conditions for Bitcoin mining, increasing the appeal of these two countries to the global mining community.
The strong increase in Bitcoin prices, which are forecast to reach $200,000 next year by experts like Geoffrey Kendrick from Standard Chartered Bank, further strengthens the belief in the growth potential of this cryptocurrency. The limited supply of Bitcoin at 21 million units also contributes to driving up its value. In this context, Bitcoin mining rigs are not only seen as mining tools but also as strategic investments for those who want to participate in the booming cryptocurrency market.
