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It is difficult to find a mining machine. Huaqiang North is a global digital currency mining machine distribution center.
Bitcoin prices have surged, making Bitcoin mining machines increasingly difficult to find. Huaqiang North has become the world’s largest distribution center for digital currency miners, turning mining equipment into one of the most profitable businesses in the area. Beyond Huaqiang North, mining machine manufacturers have also become major clients of chip factories. It could be argued that the demand for mining machines has driven up the price of graphics cards, creating a ripple effect across the tech industry.
Beijing Bit Continental Technology Co., Ltd. is the world’s leading manufacturer of Bitcoin mining machines, selling over 100,000 units annually and holding more than 70% of the market share. Its founder and CEO, Wu Jihan, is often referred to as the richest man in the Bitcoin space.
NVIDIA’s GTX 1080 Ti, a high-end graphics card, is particularly well-suited for Ethereum mining. Before the surge in mining activity, this card sold for around 5,000 yuan, but now it can fetch up to 7,000 yuan. This increase has significantly impacted the cost of mining rigs, which often require multiple high-performance GPUs.
In the iconic SEG Plaza, some computer accessory shops and repair centers have started displaying advertisements for mining machines. With so many people coming in looking for them, even the slowest shop owner can sense the business opportunity.
As Bitcoin prices rise, so do the prices of mining machines, benefiting upstream chip manufacturers like TSMC and NVIDIA. In response, NVIDIA issued a purchase restriction notice, urging dealers to prioritize sales to gamers rather than miners.
Unlike consumer electronics such as smartphones, digital currencies have a limited supply, and the opportunities for mining fluctuate with price changes. The thermal energy consumption from mining activities remains unpredictable, adding another layer of complexity to the industry.
It's hard to find a mining machine these days. Huaqiang North’s SEG Plaza is the largest distribution center for digital currency mining equipment on the planet. On January 24th, a Russian businessman visited a mining machine counter at SEG Plaza, hoping to buy five Antminer S4 units. He was constantly checking his phone, urging the clerk to quickly negotiate the final price, as the five machines were expected to sell out quickly. When asked how he knew where to find mining machines, the buyer said, “Everyone knows this place.â€
Mining machine counters are everywhere in the plaza, and property managers have even advised stores not to display the machines too openly. The popularity of mining has drawn too much attention, and in a time when digital currencies remain sensitive, it's unclear whether this is a good or bad thing.
Most buyers are foreigners, especially Russians. Russia has a higher acceptance rate of digital currencies, and its proximity to China makes delivery and logistics more efficient.
A mining machine seller at SEG Plaza told CBN that the mining business was extremely hot in September 2017, with a flood of foreign buyers searching for machines. Orders came in rapidly, and almost every counter switched to selling mining equipment. Now, selling a single mining machine can earn about 600 yuan, though this amount is considered low compared to earlier profits, given the fierce competition among dealers.
Different cryptocurrencies require different types of mining machines. Bit Continental, the world's largest Bitcoin mining machine manufacturer, also produces Litecoin and Dash miners, known as Antminers. A dealer in Huaqiang North noted that compared to other models, the Antminer is the most stable and offers the best after-sales service, making it the most popular in the area.
On January 18th, Bit Continental released the Antminer A3, capable of mining all coins using the Blake2b algorithm. Priced at 20,800 yuan, the A3 had an initial release of 6,000 units globally. In Huaqiang North, the price has already risen to around 40,000 yuan, yet it remains difficult to find. According to the official Bitcoin website, the A3 is already sold out, and many customers are adding store owners on WeChat to stay updated on availability.
The price of mining machines isn't just influenced by supply and demand; it's also affected by the volatile price of the cryptocurrency itself. “Our machines are ordered directly from the official site, and some are sourced from the same industry, but there are risks involved,†said a salesperson at a counter advertising the A3. “If the price of Bitcoin drops, the value of the machine may fall as well.â€
While the A3 is expensive in China, it still holds a pricing advantage abroad, with 90% of foreign buyers purchasing the machines not for mining, but for resale to local miners.
Beyond the Antminer, graphic card-based mining machines used for cryptocurrencies like Ethereum are also highly sought after. Dealers who sell Antminers often take advantage of price spreads, while those dealing in GPU-based mining machines frequently assemble custom machines for their customers.
Similar to computers, the performance of a mining machine depends heavily on the graphics card. SEG Plaza, originally a hub for computer parts, became a key wholesale market for mining machines. Customers often visit graphics card vendors to customize their own mining setups. One dealer shared that he has been receiving orders since 2012, when digital currency was barely recognized in China. At the time, he didn’t even know what a mining machine was, but he customized them based on customer requests.
Mining machine manufacturers have become major clients of chip factories. High-performance graphics cards are essential for mining, and the cost of these components has skyrocketed due to increased demand. A dealer explained that a typical mining machine requires at least four graphics cards, while top-tier models can include as many as 19.
The cost of different graphics cards varies, but nearly all have seen price increases due to the mining boom. NVIDIA’s GTX 1080 Ti, ideal for Ethereum mining, used to cost around 5,000 yuan before Huaqiang North became a hotspot. Now, it sells for 7,000 yuan, meaning a mining rig equipped with 19 of these cards could cost up to 140,000 yuan.
Some gamers have criticized the impact of mining on graphics card prices, saying that miners have taken over the market. While the factory price of the graphics card hasn’t changed, the retail price is now in short supply. In early 2018, NVIDIA issued a restricted sale policy, limiting each customer to two graphics cards and prioritizing sales to gamers over miners.
Bit Continental’s first-generation Antminer S1 used a dedicated ASIC chip for digital currency mining. Today, Bit Continental’s production process covers 28nm, 16nm, 12nm, and 10nm technologies. Each Antminer model uses hundreds of ASIC chips. For example, the A3 uses 180 BM1720 chips, the S9 uses 189 BM1387 chips, the L3+ uses 288 BM1485 chips, and the T9+ uses 162 chips.
According to third-party estimates, Bitco’s sales reached 14.3 billion yuan in 2017, placing it among China’s top ten integrated circuit design companies. In December 2017, rumors circulated online that TSMC’s 10nm orders for Bitcoin mining surpassed Huawei’s Kirin 970.
This development raised questions: Could Bit Continental’s chips eventually surpass Huawei’s HiSilicon? Lin Jianhong, a manager at Tuoba Consulting, pointed out that HiSilicon’s products serve a wide range of consumers and operators, including mobile phones, base stations, and TVs. In contrast, Bit Continental’s chips are primarily used in their own mining machines, functioning as accelerators. From a product perspective, Bit Continental does not yet match HiSilicon’s breadth.
Additionally, for chip and graphics card manufacturers, mobile devices are consumer goods with predictable replacement cycles. However, digital currencies like Bitcoin have limited supply, and their price fluctuations directly affect the value of mining machines. No one can predict how long this trend will last.
Lin added, “Smartphones and TVs have fixed replacement points. On average, about 1.5 billion smartphones are shipped yearly, and 200 million TVs. But how many mining machines are currently in use? The number has expanded significantly, but when it will stabilize and reach a steady replacement rate remains uncertain.â€