Bitcoin Mining Rig Prices up 35% Since Start of November — Shortages Force Mi...
The prices of the latest generation mining rigs have gone up 35% since the beginning of November, according to Hashr8. The observed price increase comes as Bitmain and Microbt are reportedly sold out until May 2021. As a consequence of the supply of mining rigs failing to meet the demand, some miners are now forced to turn to the secondary market. In a blog post, Hashr8’s John Lee Quigley wrote that the bitcoin mining machine market is heating up because “everybody is bullish on bitcoin and the rise in the price of mining machines is certainly reflecting that.” While....
Related News
Regional reports from China detail that bitcoin miners located in certain areas in South China are running short on electricity. The country has been having massive issues with coal prices soaring across the mainland, as the Chinese government hasn’t been allowing coal carriers into ports. Because of the sweeping electrical shortages, mining activities have been threatened by emergency power rationing measures. This week, while bitcoin (BTC) prices touched all-time highs and the overall network hashrate has been soaring, reports detail that Chinese miners have had issues with....
Authorized crypto mining businesses have already taken a third of their coin minting hardware out of Kazakhstan, according to the country’s mining association. The news comes amid electricity shortages and upcoming tax hikes that are turning miners away from the Central Asian nation. Bitcoin Miners Start Pulling Machines Out of Kazakhstan Companies, legally operating mining facilities in Kazakhstan, have already relocated around 30% of their mining equipment elsewhere. The President of the National Association of Blockchain and Data Center Industry of Kazakhstan Alan Dorjiyev told....
Nigeria’s ongoing shortage of foreign exchange is forcing corporates and businesses to source this resource on the parallel market, a former official with the Lagos Chamber of Commerce and Industry (LCCI) has said. According to Muda Yusuf, who is the previous director-general at LCCI, these shortages stem from the foreign exchange market liquidity constraints that have been experienced in the first half of 2021. Investment Risk As noted in a report based on data from July 8, 2021, the turnover at one of Nigeria’s multiple official forex markets dropped by 24.5% to $526.79....
The ongoing global shortage of chips that are used in the production of bitcoin mining rigs is now causing manufacturing disruptions. According to one report, these disruptions are causing a shortage of rigs on the market and subsequent price increases. Already, the report suggests that the prices of new mining rigs have doubled while second-hand machines saw their prices go up by more than 50% in the past year. Chipmakers Shunning Bitcoin Rig Makers Fueled by the rising value of bitcoin, the demand for mining rigs has been rising as miners seek to maximize returns. However, as the report....
The Ethereum Merge could force many crypto miners to give up and abandon their expensive mining rigs amid a race to the bottom for profits. The Ethereum network’s transition from a proof-of-work (PoW) consensus is likely to flood the crypto industry with out-of-work ETH miners, causing severe disruption to all PoW tokens. Speaking to Cointelegraph, Andy Long, CEO of Bitcoin miner White Rock believes the upcoming Ethereum Merge will force PoW miners to look for greener pastures, such as other PoW blockchains, and thus "swamp” other coins — increasing mining difficulty and reducing....