With bitcoin overtopping $10,000, the demand for mining equipment in China has increased drastically. Used mining rigs jumped twice in price.

The warehouses of Chinese mining equipment manufacturers in China are empty. The official websites of PandaMiner, Bitmain, Ebang, Canaan list the most popular mining machines AntMiner, Avalon and EBit as sold out. Only Canaan's Avalon 1041 is available for booking, but buyers will have to wait for deliveries several months, reports 8BTC.

“Our main business is graphics card mining machines, at present mining machines in our official network of has been fully sold out. I believe the surging price bring more buyers,” Canaan representative said.

Chinese mining manufacturers apparently did not expect that bitcoin price would grow in such a dashing way. In less than three months, bitcoin rose from $3,800 to $10,000. Earlier this year, the Chinese manufacturer Ebang even decided to cut production of mining machines to 400,000 units in 2019. For comparison: Ebang could sell previously this number (390,000 units) of mining machines in six months.

Apart from growing bitcoin price, the shortage of mining machines was caused by the lack of components for their production, above all semiconductors. The supply chain was affected by the US-China trade war, during which the US Department of Commerce imposed a ban on cooperation between US companies and a number of Chinese companies.

The lack of new mining machines in the Chinese market led to a rise in prices for used ones. Thus, the prices soared twice Huaqiang North Commercial Area (one of the largest crypto mining machine market in China).

“At present, the inventory of the whole mining machine industry is declining, while the demand is rising. Now the situation seems to return to the third and fourth quarters of 2017, when the market demand for mining machine is three times the supply. The earliest delivery date of Canaan’s new miner has been scheduled in October. Even the latest ant miner S9 SE and S9k have delayed its delivery date to August,” said Steven Mosher, head of global sales and marketing of Canaan.