Prices for Bitcoin ASIC miners are at levels not seen in years.

As more and more Bitcoin mining machines hit the market, the price per terahash of ASIC miners has dropped by more than 80% since its peak in 2021.

Bitcoin ASIC miners, which are machines that are only good for mining Bitcoin, are selling at prices that haven't been this low since 2020 and 2021. This is seen as another sign of a worsening crypto bear market.

Hashrate Index's most recent data shows that the prices of the most efficient ASIC miners, which produce at least one terahash per 38 joules of energy, have dropped by 86.82% from their peak of $119.25 per terahash on May 7, 2021 to $15.71 on December 25.

These miners include the Antminer S19 from Bitmain and the Whatsminer M30s from MicroBTC.

The same is true for mid-tier machines, whose prices have dropped by a huge 89.36% from their peak of $96.24 on May 7, 2021, to an average of $10.23 now.

But machines that use more than 68 Joules per TH are now selling for $4.72, which is a 91% drop from their peak price of $52.85. The last time it cost about this much was around November 5, 2020.

Large Bitcoin mining companies have had a hard time staying profitable during the bear market, and many of them have had to file for Chapter 11 bankruptcy, take on debt, or sell their BTC holdings and equipment to stay afloat. This has caused prices to fall.

Core Scientific, Marathon Digital, Riot Blockchain, Bitfarms, and Argo Blockchain are among the companies that have done this.

But some people have been quick to buy after the steep price drop. There are a lot of mining facilities in Russia, like BitRiver, that are able to take advantage of the country's relatively low electricity costs. Some new hardware can mine one Bitcoin (BTC) for about $0.07 per kilowatt-hour in this energy-rich country.

Even though it's hard to tell where ASIC miner prices will go next, Nico Smid of Digital Mining Solutions pointed out in a tweet on Dec. 21 that ASIC miner prices hit their lowest point during Bitcoin's last halving cycle on May 11, 2020, and then quickly went up. This could happen again during Bitcoin's next halving cycle, which is expected to happen on April 20, 2024.

Comments

Hal Finney's wife talks about a Bitcoin charity event

She said that the goal of the event is to raise money to help people with ALS. Hal Finney's wife, Fran Finney, has planned a charity event to help people with amyotrophic lateral sclerosis (ALS). Finney talked about the event on Twitter and told Bitcoin users that they should run a half marathon and post about it on social media between January 1 and January 10, 2023, to help raise money to fight the disease. Fran Finney sent out the news through Hal Finney's official Twitter account. She had previously reactivated the account to keep it from being deleted when Twitter got rid of old accounts. "Running Bitcoin" is being held with the help of the ALS Association Golden West Chapter. It was named after Hal Finney's first Bitcoin tweet, which was sent just a few days after Bitcoin went live in 2009. On its website, the organization says that it helps people with ALS by giving them loans of equipment and educational materials. The charity said that it wants to use the...

In response to customer abuses, Wells Fargo and the CFPB reach a $3.7 billion settlement.

With regard to checking accounts, mortgages, and auto loans, Wells Fargo and the Consumer Financial Protection Bureau reached a $3.7 billion settlement. Some of the misbehavior occurred as recently as this year. The CFPB announced in a statement that the business was compelled to pay an unprecedented $1.7 billion civil penalty as well as more than $2 billion to customers with 16 million accounts. Many of the "necessary activities" connected to the settlement, according to the San Francisco-based bank, have already been finished, it was stated in a separate statement. In its statement, the government stated that the bank's illegal actions caused its customers to suffer financial losses totaling billions of dollars and, for many of them, the loss of their homes and vehicles. Consumers' auto and mortgage loan fees and interest rates were improperly assessed, their vehicles were wrongfully repossessed, and the bank misapplied its customers' payments to their loans. Th...

Dollar rises to a five-week high on Fed hawkishness ahead of Jackson Hole.

The US dollar index rose to a new five-week high on Monday after another Federal Reserve official signaled that aggressive monetary tightening would likely continue ahead of the central bank's key Jackson Hole symposium this week. After Russia announced a three-day halt to European gas supplies via the Nord Stream 1 pipeline at the end of this month, the euro fell to a new five-week low, exacerbating the region's energy crisis. China's yuan fell to its lowest level in nearly two years after the central bank cut key lending rates, adding to a slew of monetary easing measures aimed at bolstering an economy battered by COVID-19 restrictions and a property crisis. The US dollar index, which compares the greenback to six rival currencies, including the euro, rose to 108.26 for the first time since July 15 and was last up 0.074% at 108.23. This comes after a 2.33% gain last week, its best weekly gain since April 2020, amid a chorus of Fed policymakers emphasizing the importance ...

Search This Blog