Global chip shortage hits China’s bitcoin mining sector
By Samuel Shen and Alun John
SHANGHAI/HONG KONG (Reuters) – A worldwide chip shortage is choking the manufacturing of machines used to “mine” bitcoin, a sector dominated by China, sending prices of the laptop gear hovering as a surge throughout the cryptocurrency drives demand.
The scramble is pricing out smaller miners and accelerating an commerce consolidation that will see deep-pocketed players, many exterior China, income from the bitcoin bull run.
Bitcoin mining is intently watched by retailers and prospects of the world’s largest cryptocurrency, as the amount of bitcoin they make and promote into the market impacts its present and worth.
Trading spherical $32,000 on Friday, bitcoin is down 20% from the doc highs it struck two weeks up to now nevertheless nonetheless up some 700% from its March low of …