The recent rally in Bitcoin prices, crossing the $106,000 mark, has triggered a significant rise in the cost and demand for Bitcoin mining machines in Shenzhen, China, and an influx of buyers from Russia and other nations.
Mining Machine Prices Soar in China
The cost of Bitcoin mining equipment, particularly the Ant mining machines developed by Bitmain, has surged by 30% compared to the previous year, according to a report by Beijing-based newspaper Wen Wei Po.
- The Antminer S21 335T, a popular model, is now priced at $5,600 per unit, reflecting the growing enthusiasm in the market.
- High-end models, like the 473T S21 XP water-cooled, are listed on Bitmain’s official website for 73,900 Renminbi ($10,124).
Merchants in Shenzhen reported that buyers from Russia, Ethiopia, the United States, and Canada are purchasing machines in bulk, often in the hundreds or thousands.
Bitcoin’s Bull Run Drives Demand
The sharp rise in Bitcoin mining machine prices is closely tied to the cryptocurrency’s recent price surge, fueled by:
- Bitcoin’s price crossing $106,000.
- Speculation around President-elect Donald Trump’s plan to establish a U.S. Bitcoin Strategic Reserve, further boosting market enthusiasm.
Merchants have noted that the current demand has led to stock shortages, with one stating, “There is no need to worry about selling mining machines; they are now out of stock.”
Russia’s Cheap Electricity Fuels Mining Expansion
Russia has emerged as a key destination for Bitcoin mining due to its abundance of cheap electricity generated from crude oil and natural gas production.
- Electricity costs in Russia are as low as 2 cents per kilowatt-hour, significantly reducing operational expenses for miners.
- A business owner operating in Russia reported earning 12,000 yuan ($1,650) per day from mining operations powered by hundreds of machines.
This economic advantage has attracted numerous miners, with many importing large quantities of Bitcoin mining equipment from China.
Market Predictions: Bullish Outlook for Bitcoin and Mining Machines
Industry experts and business owners predict that 2024 will usher in a full-scale Bitcoin bull market, driving mining machine prices even higher and exacerbating stock shortages.
- One business owner stated, “By then, mining machines will also usher in a bull market, prices will rise further, and shortages will become even worse.”
Bitcoin Mining: A Global Phenomenon
The surge in Bitcoin prices has turned mining machines into highly sought-after assets, reflecting the broader adoption of cryptocurrency. With demand rising globally, particularly in regions with low electricity costs like Russia, the mining industry is poised for further growth.
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