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Demand for mining machines rises as Bitcoin price soars

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TL;DR Breakdown

  • Bitcoin mining machine makers are seeing an increase in demand for miners.
  • This follows the recent surge in the price of the cryptocurrency since this year.

Demands for Bitcoin mining machines tend to increase with significant surges in the market value of the cryptocurrency. Top mining hardware manufacturers are reporting increased exports of mining machines, which indicates the activeness of the crypto mining industry.

This comes amid the growing price of BTC. At the time of writing, Bitcoin was trading at $58,068 on Coinmarketcap after reaching an all-time high of over $60,000 on the 13th March. For the record, the cryptocurrency has increased by almost 110 percent since 2021 and about 35 percent since this month.

Canaan reports an increase in demand for mining machines

A leading cryptocurrency mining machine manufacturer, Canaan Creative, reported a massive demand for miners, especially from North America. As reported by the Global Times, the miner maker sees about 120,000 units presale from the North American market, which accounts for a 17 percent increase from its record in February. Having approached a number of fabs in advance, the company is set to mass-produce mining machines faster, amid the growing demand.

It’s no longer news that the Bitcoin mining industry has been gearing with lots of participation. Since the beginning of 2021, many digital currency mining companies recently disclosed their plans to raise their BTC hashrate by deploying more miners. Canaan is also looking to join the Bitcoin mining business with their machines, in addition to producing and selling to other miners.

500.com ventures into Bitcoin mining

Early February, a popular Chinese sports lottery outfit, 500.com, announced its plan to venture into cryptocurrency mining. As Cryptopolitan reported, the company signed a deal to acquire more than 5,000 Bitcoin mining machines at the cost of $8.5 million. Also, Galaxy Digital established a new division focused on BTC mining.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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