The prices of Bitcoin mining machines in China are reportedly high this year. As reported by Wen Wei Po correspondent Li Changhong, mining rigs in China are selling at prices up to 30% higher than last year. This recent surge in BTC mining machines is highly contributed by the recent surge in Bitcoin’s price.
The hike in price can also be attributed to high demand of Bitcoin miners. Despite the high prices, investors are buying these miners aiming to capitalize on the price of Bitcoin.
In December. 17, 2024, Bitcoin yet again graced above the $108,000.00 marking a new all-time high. The top cryptocurrency by market cap has hit ATH several times since Trump’s re-election. By hitting the $108,000 mark, the coin surged by over 57% since Nov. 5, 2024 when Trump won the U.S elections.
Bitcoin is currently trading around $101,992.47.24 after hitting $99,047.37 earlier in the day. The coin has had $96.01 billion in trading volume in the last 24 hours. It also has a $2.02 trillion market capitalization.
Many analysts and investors have taken stances regarding Bitcoin and Bitcoin mining. According to the president of the Hong Kong Blockchain Society, Cai Zhichuan, Bitcoin could double in price by the end of 2025.
In the interview with Hong Kong’s Wen Wei Po reporter, Cai Zhichuan stated, “the total number of Bitcoins is only 21 million. Currently, more than 19 million have been mined, leaving less than 2 million. The number is halved every four years. The price of Bitcoin will double next year, reaching more than 200,000 US dollars. In three or four years, the price may soar to $1 million.”
Current Price of Bitcoin Mining Machines in China
Just like Bitcoin’s price, Bitcoin mining machines’ prices have also increased. A Wen Wei Po’s reporter who visited Shenzhen Huaqiangbei reported that some merchants of Antminer machines have increased prices.
When asked for comments, one of the merchants said, “Our Antminer S21 335T is very popular, and the price is US$5,600 per unit, equivalent to RMB 40,700. “This is an increase of about 30% from last year’s price which stood at RMB 28,000.
The merchant also added, “the price of Bitcoin is now high, and many people are rushing to buy it. There is no need to worry about selling mining machines, and they are now out of stock.”
Market Uptake of the Prices of Chinese Bitcoin Mining Machines
According to Li Changhong, most Bitcoin mining machine customers in China come from Russia, Canada, US and Ethiopia. These Bitcoin miners have bought thousands of new machines this year despite the high prices.
According to one customer, Bitcoin mining machines will become more expensive, citing that Bitcoin’s price may go higher. The customer stated, “now is just the early stage of the Bitcoin bull market, and next year will be the real bull market. By then, mining machines will also usher in a bull market, prices will rise further, and shortages will become even worse.”
The customer’s comments explain the recent buying spree of BTC mining machines despite high prices. With the cost of electricity now low in most countries, especially Russia and Canada, Bitcoin mining investors are still able to make profits.
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