Bitcoin’s recent surge has led to a significant increase in prices for mining equipment, with buyers flocking to Hong Kong as a key export hub. The price of the Antminer S21 335T, a mining device, has risen by 30% to $5,600, driven by high demand from countries like Russia, the US, and Canada.
The surge is largely attributed to Bitcoin’s growing price, making mining businesses more lucrative despite higher equipment costs. Hong Kong’s free-trade environment and ease of logistics have made it an attractive destination for miners looking to redirect their transactions after China banned cryptocurrency mining in 2021.
According to data from Hashrate Index, the network’s average hashrate has reached a record high, with a seven-day moving average above 800 EH/s. This confirms hardware shortages and price surges, providing insight into global competition among miners. As Bitcoin continues to grow in value, it is likely that mining equipment prices will remain under pressure.
Source: https://crypto.news/bitcoins-price-drives-up-mining-equipment-cost-by-30