Shenzhen, a magical city evolved from a fishing village adjacent to Hong Kong, is not only known as the silicone valley of hardware for China wholesale electronics, it seldom lacks presence in the latest hardware trends especially in the bitcoin industry. Huaqiangbei is a familiar name for bitcoin miners who are thinking about buying bitcoin mining machines to mine their own coins.
27th May, 2019 was a heyday for Mr. Wong, a shop owner selling bitcoin mining hardware in Huaqiangbei. With bitcoin values rising to US $8700, messages started to bombard his wechat. Most were inquiring about buying bitcoin mining machines, even those who were hesitated about buying before placed orders immediately. Not long the 400 pieces S17 mining machines he had in stocks were quickly snagged up.
Mr. Wong’s shop was not big, several square meters in total, while two laptops and several chairs have taken up part of the tiny space. Several staffs were chatting cheerfully and loudly in Cantonese as if they’re still indulged in the fruitful sales they achieved right now.
The three trolleys in front of the shop were fully loaded with S17 bitcoin mining machines, the last 40 pieces that just sold out. Xiaoli, sales representative in Mr. Wong’s shop, told us, “Our mining machine S17were snagged up so fast, it’s estimated that it’ll be out of stock in the following two months, and we’re going to sell the mining machines arrived in August probably at the same rate as now”.
At the moment, S17 Pro 50T was sold at US $3,260 per piece, extra $150 for model 53T. With the surging demand recently, the profits skyrocketed. Mr. Wong even told us that for each machine he made a profit of US $1,450.
In another shop selling wholesale bitcoin mining machines about 10 meters from Mr. Wong’s shop. The sales representative Xiaozhang just confirmed the purchasing orders with two Iranian businessmen. According to Xiaozhang, they’re regular customers that used to buy second hand bitcoin mining machines, recently they started to get hands on the brand new ones. For this time they ought the most popular model in the market S91 145 T **, which was sold at around US $434-579 per piece.
Xiaozhang’s boss started to sell laptops back in 2012, not until the end of 2017 did they start to sell bitcoin mining machines. Compared with selling laptops, the profits of bitcoin mining machines went far beyond, and the best thing was, they never had surplus, instead, they’re snagged up quickly and went out of stock most of the time.
Not every seller makes a great fortune from it, in contrast to the busy, bustling shops of Mr. Wong and Xiaozhang, Mr. Lee’s shop was an exception. Only he was in the shop, playing on his phone. While asked if he had stocks of S17 Pro 59T and 53T, instead of responding to our question, he kept recommending S9 that were piling up in his shop.
Mr. Lee’s not alone. While taking a stroll around the markets, we also found many shops selling bitcoin mining machines that were either empty without any customers inside, staff were taking a nap, or playing with their phones. Besides, there’re also several shops that have been closed with big banners on the storefronts “Shop for Rent”.
Facing with the uncertainty of the markets, Mr. Wong had his plans. Every month he paid around US $2,173 for the rent of the shop, the last sale he has made a good money that could cover the expenses for several years. With constant studying and monitoring of bitcoin trends, he strongly believed in the future of his business selling bitcoin mining hardware.
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