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.

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