Bitcoin ASIC Miner Prices Hit Lows Not Seen In Years

Bitcoin ASIC miners (machines optimized solely for mining bitcoins) are now selling at the lowest prices not seen since 2020 and 2021, deepening the crypto bear market. is seen as another symptom of

According to the latest data from Hashrate Index, the price of the most efficient ASIC miners, i.e. miners that generate at least 1 terahash per 38 joules of energy, has dropped 86.82% since May. As of December 7, 2021, the peak of $119.25 per terahash has fallen to $15.71.

Miners in these categories include Bitmain’s Antminer S19 and MicroBTC’s Whatsminer M30.

The same was true for the mid-tier machines, which averaged $10.23 after a massive 89.36% drop from May’s peak of $96.24. July 7, 2021.

However, the least efficient machine, one requiring more than 68 Joules per TH, currently costs $4.72, a 91% reduction from the top price of $52.85. The last time a price close to this was set was around November 5, 2020.

The drop in price was largely due to the struggles of large Bitcoin mining companies to sustain revenue through a bear market, with many either filing for bankruptcy, incurring debt or trying to survive. We are selling BTC and equipment we hold to.

Companies that have done this include Core Scientific, Marathon Digital, Riot Blockchain, Bitfarms and Argo Blockchain.

Related: Bitcoin miner exodus hits six-month high with new threat to BTC price

However, the sharp price drop has been met by some eager buyers. Among them are a number of Russian-based mining facilities such as BitRiver, which can take advantage of relatively low electricity costs and generate electricity at around $0.07 per kilowatt-hour in energy-rich regions. There are some modern hardware that can mine Bitcoin (BTC). nation.

While it is difficult to predict the next price direction for ASIC miners, Digital Mining Solutions’ Nico Smid said: sharp A December 21st tweet claimed that ASIC miner prices bottomed out during Bitcoin’s final halving in May. This could happen with Bitcoin’s next halving scheduled for April 20, 2024.