Bitcoin miners' prices collapsed to one-year lows
ASIC miners for bitcoin mining are selling at their lowest prices since the May 2021 peaks, Hashrate Index data shows.
Bitcoin miner prices collapsed to one-year lows
Data: Hashrate Index.
The price of devices from flagship lines like the Antminer S19 or Whatsminer M30 with efficiencies over 38 J/TH fell to $15.71 per TH. Last May the figure reached $119.25.
Less efficient class of equipment (38-68 J/TH) during the corresponding period fell in price from $96.24 to $10.23 per TH.
Even for outdated devices like the Antminer S9 (＞68 J/TH) a year and a half ago, customers were paying almost $51 per TH. Now it's only $4.7.
The graph above shows an obvious correlation between the price of mining equipment and the bitcoin exchange rate. However, the correlation has broken down in recent months.
During the bull market of 2021, companies have been lending heavily to buy equipment, in many cases against its collateral. Bloomberg estimated the amount of these endangered debts at $4 billion.
NYDIG, Celsius Network, BlockFi, Galaxy Digital and DCG's Foundry were the largest lenders, according to the agency. Over the course of the year, some miners began returning tens of thousands of rigs, unable to service the debt. According to experts, this put pressure on equipment prices.
Recall that in November, the total income of the first cryptocurrency miners was $473.2 million, which is 20% less than in October.
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