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China’s Manufacturers for Bitcoin Mining Rigs Have Been Pressed by Demand

Ever since the price of Bitcoin (BTC) retained its all-time high in 2017, the digital asset has started gaining a lot of attention from investors. As Bitcoin (BTC) has started shooting through the ceilings, the trend of Bitcoin (BTC) is coming back and this time, it is here to stay for good.

There are many companies in China that had no affiliation or link with the cryptocurrency world in the past. However, with the surge in the price of Bitcoin (BTC), even such companies have now started mining Bitcoin (BTC).

This has resulted in a lot of surge and demand for the equipment, tools, and rigs necessary for Bitcoin (BTC) mining.

Following the above developments, a recent regional report from China has indicated what the rig manufacturing companies in the country are currently experiencing.

The report suggests that the rig manufacturers in China for Bitcoin (BTC) mining are experiencing a huge surge in the demands for the equipment. The companies have revealed that they are having a really hard time keeping up with the demand and they already have many advanced orders waiting in the queue.

The reports suggest that the company that has currently placed a significantly huge order for mining rigs is Canaan Creative. Then there is Bitmain that has revealed that it has completely sold out all the mining rigs.

Ever since the beginning of the month of February 2021, the prices of Bitcoin (BTC) are extremely high. In the same month, Bitcoin (BTC) has managed to hit its all-time high of $59k per BTC. While many firms are looking into the possibilities of purchasing BTC, there are many firms that have gone with a different approach.

There are many firms around the world that are now acquiring Bitcoin (BTC) through mining activities. Therefore, investment giants from all over the world are placing huge orders for Bitcoin (BTC) mining rigs. This has put the crypto-mining rig manufacturers under a lot of pressure of demands and production.

On Friday, February 26, 2021, the overall hash rate for Bitcoin (BTC) network was revealed by the crypto-data gathering firms. According to the stats, the hash rate that Bitcoin (BTC) network is currently experiencing is above 150 exahash (EH/s).

It has been revealed that there are currently 21 pools that are currently responsible for directing the hash rate on the blockchain.

When it comes to Bitcoin (BTC) mining, companies from around the world are not the only contributors. There are even countries that are contributing to the surge in the demand and shortage of BTC mining rigs. Some of the latest countries that have recently acquired a huge number of mining rigs for BTC include Russia, Ukraine, and Venezuela.

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