The recent surge in Bitcoin prices has triggered a sharp rise in mining equipment costs, with Shenzhen’s Huaqiangbei district—renowned as a global hub for cryptocurrency hardware—reporting a significant 30% price increase.
According to a report by Wen Wei Po, the price of the Antminer S21 335T, a leading mining device, has soared to $5,600 (approximately RMB 40,700), compared to last year’s price of $3,836 (RMB 28,000). Demand for advanced models like the Antminer S21 XP, equipped with water-cooling technology, has led to frequent stock shortages on Bitmain’s official platform.
Huaqiangbei merchants confirm a surge in bulk orders, with buyers from countries such as Russia, the U.S., and Canada acquiring hundreds to thousands of units. Bitcoin’s rising value has made mining operations increasingly profitable, despite the steep costs of equipment.
Hong Kong: A Crucial Export Hub
Following China’s 2021 ban on cryptocurrency mining, transactions for mining hardware have shifted to Hong Kong. The city’s free-trade environment and streamlined logistics have transformed it into a pivotal hub for exporting mining equipment. Merchants in Shenzhen report leveraging Hong Kong’s efficient cross-border logistics to ship mining devices internationally. Same-day delivery to Hong Kong allows for quick transfer to global air and sea routes.
Record Mining Difficulty Highlights Global Competition
As Bitcoin’s price edges toward the $100,000 mark, mining difficulty has reached unprecedented levels. On December 16, the mining difficulty adjustment at block height 874,944 rose 4.43%, hitting an all-time high of 108.52 trillion, according to TheMinerMag.
Data from Hashrate Index reveals that the network’s 14-day average hashrate reached 771 exahashes per second (EH/s), with the seven-day moving average surpassing 800 EH/s. This record-breaking difficulty underscores the heightened global competition among miners and the mounting pressure on hardware availability.
Although mainland China enforces a strict ban on cryptocurrency mining, Hong Kong’s legal framework permits the sale and export of mining hardware. This regulatory advantage allows Shenzhen merchants to meet soaring international demand, bolstered by Bitcoin’s rising value and the lucrative prospects of mining despite escalating operational costs.
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