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A regional report from China indicated that due to the soaring prices of leading crypto assets, the demand for Bitcoin mining equipment manufacturers has surged. Companies such as Canaan Creative have placed considerable orders for mining equipment, while other companies such as Bitmain have been completely snapped up.
The price of Bitcoin (BTC) surged sharply in February, which greatly promoted the development of the BTC mining industry. On Friday, the hash rate of the Bitcoin network hovered above the 150 exahash (EH/s) range, and 21 pools led the hash rate to the blockchain.
On Sunday, February 21, 2021, the price of BTC hit an all-time high (ATH), reaching $58,354 per unit, but the price has been falling since then. When it was released on Friday afternoon (EST), the price of each BTC has been hovering around $47,000.
On Thursday, a regional report from China detailed the high demand for products from Chinese mining equipment manufacturers. “Global Times” writer Yin Yeping highlights mining machine manufacturers [are] Seeing a surge in demand. “
The report pointed out that the “Shanghai Securities News” revealed that Canaan Creative’s stock price has risen 318% this year. In addition, the stocks of companies Ebang and Ebon International rose by 82%.
The Yeping report also stated that Canaan revealed that “orders have soared since last year.” Canaan detailed that Central Asia and North America are the two regions with the greatest demand for mining equipment.
On Tuesday, Canaan told the regional publication that it had signed pre-orders with Core Scientific and the Hive blockchain. Canaan will provide 6,400 ASIC mining rigs for Hive and 6,000 drilling rigs for Core Scientific.
According to Canaan, customers from North America have booked 100,000 units this year, and the company claims that the advance payment has reached US$200 million. Yeping also emphasized that Bitmain has been completely sold out and that “no new products have been launched yet.”
Bitmain’s website shows the company’s latest machine, but the equipment is indeed sold out, and the new order on the website shows “TBD”. Microbt’s Whatsminer products are also sold out.
Innosilicon’s ASIC mining equipment has all been sold out, and Ebang’s web portal indicated that customers need to inquire about orders. Ebang’s website also pointed out that the delivery time is “3-3.5 months after payment.”
The lack of availability of ASICs directly from sources has caused the second market price of Bitcoin mining equipment to skyrocket. For example, the Whatsminer M20S 68TH/s manufactured by Microbt in the United States on Ebay is priced at $5,000. Machines with speeds of 11-13TH/s are priced at $250-$800 on Ebay.
What do you think of the surge in demand for Bitcoin mining machines? Let us know your thoughts on this topic in the comments section below.
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