Demand for bitcoin mining machines rises amid bitcoin’s massive rally.

Bitcoin mining companies are experiencing a rise in demand from overseas, including the US, while the crypto-currency price skyrocketed this year.

Bitcoin mining companies in China ramped up efforts to meet the rising demand from overseas, mainly from North America and Asia. The crypto-currency price skyrocketed, partially due to the world uncertainty over the US government’s monetary easing and the pandemic. The Bitcoin price shot up to hit a new record of over $60,000 over the weekend, although it pared by around 4 percent on Monday, remaining at an elevated level of $58,000.

 

Bitcoin is up 110 percent since the beginning of the year.

Bitcoin price has grown more than 35 percent since March and nearly 110 percent since the beginning of the year. Inspired by the soaring price, the Bitcoin mining suppliers have seen their export business enter a peak, with some mining machines already sold out. Canaan Creative, one of the world’s largest mining hardware manufacturers, said in an interview with Global Times in February that they had seen a jump in orders since 2020. North America and Central Asia were the main sources of the surge in demand.  

 

Canaan witnessed a 17% surge in demand from North America alone. 

The bitcoin mining machine manufacturer company’s presale mining machines to the North American market alone have reached about 120,000 units, rose by 17 percent from the middle of February. Due to the lack of upstream chip capacity that challenged the global semiconductor supply chain, Canaan Creative has approached a number of fabs in advance, which allows them to iterate and mass produce products faster to meet market demand, according to the company. The bitcoin mining maker giant also plans to operate its own mining business this year instead of just selling the mining machines, enabling them to feel free to stock up and meet the customers’ demand.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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