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Bitcoin Miners are Sold out in China Amid BTC Price Skyrocketing

On the night of November 24, bitcoin hit $19424, just $451 away from its record high. As an essential part of bitcoin ecology, have bitcoin miners make a fortune?

We collected some interesting data and interviewed some core mining practitioners in China to talk about the profitability of bitcoin mining, the ceiling of the computing power of the whole network, and whether China loses the bitcoin mining domination.

Prices of bitcoin mining machines pumps

Data shows that at present, the price of new and old bitcoin mining machines has gained a 30-40% increase, of course, there may be a higher premium. But compared with the rise in machine prices, miners may be worried that there are not sufficient spot mining machines to buy in the market.

It is reported that the large-scale institutional buyers are making a big bet by placing orders on machines, that is to say, they will make a great profit after the turnover of the machines.

Computing power soars

According to data from QKL123, bitcoin hashrate hit an all-time high of 157.82E on November 22 as it increased by about 85% during the year 2020. Originally, because of the dry season in China, it is predicted that the computing power would dump. Hashrate 157.82E means that bitcoin mined currently is only about 30% of what it was at the beginning of the year. But it doesn’t matter, bitcoin’s price almost doubled after halving, just to make up for the impact of halved output.

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Today, the return cycle of bitcoin miner is back to about 300 days. Even Antminer S9 is back online.

The overall distribution of mining farms has been a trend since last year: the overseas share has increased, and the Chinese share has shrunk. This is mainly due to the existence of electricity charge depressions in North America, the Middle East, Europe and other regions, and miner manufacturers accelerate their globalization, and China’s electricity cost advantage is further reduced.

China’s overseas share will also increase, but relying on the advantages of the overall industrial chain and the huge scale of power resources, especially the abundant water power resources, China is still the most suitable place for mining.

 

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