Bulk orders of the latest bitcoin miners are apparently all sold out until at least May 2021. The Block Crypto reports on November 17:
ICYMI: Bulk preorders for the latest bitcoin ASIC miners are sold out until next springhttps://t.co/oAEUHSenOT
— The Block (@TheBlock__) November 18, 2020
Bitcoin miners are devices that solve cryptographic sums for transactions on the block chain of bitcoin (BTC) process. The sell-off indicates an increase in demand accompanied by a rise in the bitcoin price.
Bitmain’s Antminer T19, S19, and S19 Pro are all sold out until May. That also applies to the Whatsminer M30 from rival MicroBT. A spokesperson for MicroBT says:
We are still working hard to try and get more chips from Samsung to keep up with future stock orders.
Such a shortage was also seen in June 2019 and at the end of 2017. At that time, the price of bitcoin was also rising rapidly. The difference is that it is precisely many companies outside of China that order large numbers. Mike Colyer, CEO of Foundry, a subsidiary of the Digital Currency Group, says:
We have many customers who want to buy more than 1,000 machines at the same time.
Kevin Dejun Ge, a Chinese mining operator, says the huge orders outside of China don’t match such an increase in the hash rate of the bitcoin network outside of China. He assumes that some parties may buy these devices en masse and resell them later at higher prices.
Bitcoin‘s third halving took place this year. Since then, miners’ income has halved. Although the hash rate plummeted shortly after the halving, it recovered just as quickly. Still, many Chinese miners have expanded into ethereum (ETH) mining. That, however, will be short-lived as the Ethereum proof-of-work consensus protocol soon leaves behind.