The recent surge in Bitcoin's value has led to a significant increase in mining equipment prices, particularly in Shenzhen's Huaqiangbei district, where prices jumped by 30%.
Increase in Mining Equipment Prices
According to the report, the price of the Antminer S21 335T has now reached $5,600, or approximately 40,700 RMB, climbing 30% from last year's price of $3,836.19, or 28,000 RMB. There is also high demand for the Antminer S21 XP, a water-cooled mining device, leading to its stock outage on Bitmain's official website.
Role of Hong Kong in Export
The 2021 ban on cryptocurrency mining in China has redirected mining machine transactions through Hong Kong. Due to its free-trade environment and ease of logistics, most of the new mining equipment is exported through Hong Kong, serving as a crucial international trade hub.
Record Mining Difficulty Levels
Bitcoin's mining difficulty has reached record levels at block height 874,944, with an increase of 4.43%. The network's average hashrate over the last 14 days hit 771 EH/s, while the seven-day moving average stood above 800 EH/s. This confirms the hardware shortages and price increases as well as reflects global competition among miners.
The sharp rise in mining equipment prices is driven by Bitcoin's value surge, resulting in heightened competition at the global level. Hong Kong has become a key export point amid China's mining ban.
