Spot prices for bitcoin mining equipment lag behind the growth of quotations of the first cryptocurrency. This rare situation arose due to a global shortage of hosting capacity after the ban on mining in China, reports The Block.
In October, the digital gold exchange rate returned to the level of the historical maximum reached in April. On November 10, the bitcoin price set a new record high around $69,000.
At the same time, the value of ASIC miners on the spot market did not recover to April highs. According to the Luxor pool, devices of all generations are 15-20% lower than the levels reached then.According to the publication, Chinese brokers sell AntMiner S19 Pro from Bitmain at the rate of $100 for 1 TH/s. In April-May, the price was about $120 for 1 TH/s.
"The ongoing shortage of space for physical connection of miners has led to a lag in prices relative to bitcoin. Many companies have equipment waiting to be deployed in their warehouses. They prefer to invest in infrastructure and future orders rather than spot purchases," explained Luxor co-founder and CEO Ethan Vera.According to the CEO of the CleanSpark mining company, Zack Bradford, the balance of supply and demand was affected by the repression against the industry in China, causing the flow of equipment to the market. Also, the pressure on prices was exerted by the sale of miners by companies that did not find opportunities for hosting devices, he added.
"I expect the trend to continue until the summer of 2022. The offer from these sellers is likely to continue to support spot prices at a discount to the bitcoin exchange rate until it is balanced by access to an outlet," Bradford believes.
Earlier, American mining companies faced delays in the delivery of ordered equipment due to the global crisis in logistics.
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