Bitcoin mining hardware prices slump to two-year lows

The price of Bitcoin mining hardware, as measured by the hash rate, has fallen to December 2020 levels.

According to Hashrate Index data from Luxor Mining, flagship ASIC miners (efficiency 38 J/TH and above) are priced at around $41 per 1 TH of capacity.

CoinDesk, citing an industry source, reports that models in this category—the Antminer S19 and S19 Pro from Bitmain—are selling at $20-$23 per TH.

In this price range, the top-line Whatsminer M30 series from MicroBTC is also being sold.

According to a publication’s source, market pressure was driven by the bankruptcy of Celsius Mining together with its parent company. In June, Celsius Network’s mining division sold 6,000 miners at $28/TH at auction. A second tranche of 5,000 units was sold at $22/TH.

In 2021, Celsius Network invested a total of $500 million in North American mining. In November, the company’s CEO, Alex Mashinsky, said the fleet consisted of 22,000 ASIC devices, predominantly Antminer S19.

“As new devices come to market, we expect prices for the next generation to fall by another $1-$2/TH. There are mining companies that will need to liquidate part of their fleets, which will put further pressure on ASIC miner prices,” forecast Luxor’s Chief Operating Officer Ethan Vera.

According to him, falling miner prices may find some support at around $18-$20/TH. At this level there is currently a “flood of buy orders,” Vera said.

In July, CleanSpark said it acquired 1,061 Whatsminer M30S units at a “significantly reduced price.” A month earlier, the company bought 1,800 Antminer S19 XP, which it described as “exceptionally favorable.”

In June, mining profitability of Bitcoin fell to 2020 levels, according to Arcane Research analysts.

In the same month, aggregate revenue of Bitcoin miners was $668 million — down 26% from May.

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