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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 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. In addition to Huaqiang North, mining machine manufacturers have also become major clients for chip factories, indirectly boosting demand for graphics cards and other components.
It is widely known that 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 global market share. Its founder and CEO, Wu Jihan, is often referred to as the richest man in Bitcoin. The company also produces other types of mining machines, such as Litecoin and Dash miners, which are commonly known as "Ant Miners." These machines are highly sought after due to their stability and excellent after-sales support.
NVIDIA, a major player in the graphics card industry, has found itself at the center of the mining boom. High-end GPUs like the GTX 1080 Ti, originally designed for gaming, have become popular among Ethereum miners. Before the surge in demand, the GTX 1080 Ti was priced around 5,000 yuan, but now it can sell for up to 7,000 yuan. This increase has directly affected the cost of mining rigs, with some systems using as many as 19 such cards, pushing the total price well beyond 140,000 yuan.
In response to the growing demand, NVIDIA issued a purchase restriction notice in early 2018, limiting customers to buying no more than two graphics cards per transaction and prioritizing sales to gamers over miners. Despite these efforts, the demand for high-performance GPUs remains strong, especially in regions where cryptocurrency mining is booming.
Huaqiang North has become a hotspot for both local and international buyers. On a typical afternoon, Russian traders can be seen rushing to purchase mining machines from vendors in SEG Plaza. One Russian businessman recently rushed to buy five AntMiner S4 units, urging the seller to expedite the deal. When asked how he knew about the availability of mining machines, he simply said, “Everyone knows this place.â€
The popularity of mining machines has drawn significant attention to Huaqiang North, prompting store owners to hide their inventory to avoid attracting too much traffic. While this may seem like a precaution, it also highlights the intense competition in the market. Many customers now follow store owners on WeChat to stay updated on new arrivals, ensuring they don’t miss out on limited stock.
Bit Continental, the leading miner manufacturer, launched the AntMiner A3 in January 2018. This machine is capable of mining any coin using the Blake2b algorithm and was initially priced at 20,800 yuan. However, even before its official release, the demand was so high that the model sold out quickly. Many customers in Huaqiang North still cannot find the A3, despite its high price.
Mining machine dealers often face challenges in sourcing and assembling equipment, especially for non-Bitcoin currencies. Some dealers specialize in graphics card-based mining rigs for Ethereum and other altcoins, while others focus on ASIC-based machines. The performance of these machines largely depends on the quality of the chips used, which has led to increased demand for advanced semiconductor manufacturing processes.
Bit Continental’s mining machines use specialized ASIC chips, with each unit containing hundreds of them. The company has moved through various production nodes, including 28nm, 16nm, 12nm, and 10nm technologies. According to third-party estimates, Bit Continental generated over 14.3 billion yuan in revenue in 2017, making it one of the top integrated circuit design companies in China.
This rise in demand has raised concerns about whether Bit Continental’s chip manufacturing could surpass Huawei’s HiSilicon. However, industry analysts argue that while Bit Continental’s chips are powerful, their applications are more limited compared to HiSilicon’s diverse range of products, which are used in smartphones, base stations, and televisions.
Ultimately, the mining machine market is driven by the volatile nature of cryptocurrencies. Unlike consumer electronics, which have predictable replacement cycles, the demand for mining machines is uncertain. Analysts suggest that while the market has expanded rapidly, it remains unclear when or if it will stabilize. For now, the rush to secure mining equipment continues, fueled by the promise of high returns in the digital currency space.