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Global shortage of chips affects China’s bitcoin ‘mining’ sector
24 Jan 2021 The picture shows representations of virtual currency bitcoin. File/Reuters
A global chip shortage is choking the production of machines used to ‘mine’ bitcoin, a sector dominated by China, sending prices of the computer equipment soaring as a surge in the cryptocurrency value boosts demand.
A cryptocurrency is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions.
Analysts said that the scramble is pricing out smaller miners and accelerating an industry consolidation that could see deep-pocketed players, many outside China, profit from the bitcoin bull run.
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Global chip shortage hits China s bitcoin mining sector A global chip shortage is choking the production of machines used to mine bitcoin, a sector dominated by China, sending prices of the computer equipment soaring as a surge in the cryptocurrency drives demand.
FILE PHOTO: Representations of virtual currency bitcoin are seen in this picture illustration taken taken March 13, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
22 Jan 2021 07:35PM Share this content
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SHANGHAI/HONG KONG: A global chip shortage is choking the production of machines used to mine bitcoin, a sector dominated by China, sending prices of the computer equipment soaring as a surge in the cryptocurrency drives demand.