The recent price surge of Bitcoin has led to a significant 30% increase in the cost of mining equipment. In Shenzhen’s Huaqiangbei, a global center for crypto hardware, the price of the Antminer S21 335T has soared to $5,600 (about RMB 40,700), up 30% from last year’s $3836.19 (RMB 28,000). The Antminer S21 XP with water-cooling facilities is in even higher demand and remains out of stock on Bitmain’s official website.
Huaqiangbei merchants have witnessed a boom in bulk orders, with buyers from Russia, the U.S., and Canada purchasing large quantities. This is due to the rising profitability of mining businesses despite the inflated equipment costs.
After China’s 2021 ban on cryptocurrency mining, Hong Kong has become an important export hub. Thanks to its free-trade environment and convenient logistics, most new mining equipment is now exported through Hong Kong. Cross-border logistics can deliver mining machines to Hong Kong on the same day for further domestic and international air and sea transports.
Moreover, BTC mining difficulty reached an all-time high in the $100K to $108K range. The adjustment at block height 874,944 on Dec. 16 increased 4.43% to 108.52 trillion. The network’s average hashrate in the last 14 days hit 771 EH/s, and the seven-day moving average was above 800 EH/s. While mining is banned in mainland China, Hong Kong’s legal framework allows the sale and export of mining hardware, meeting global demand.
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