Bitcoin ASIC miner prices at year-lows

As Bitcoin mining machines flood the market, ASIC miners' price per terahash has fallen 80% since 2021.

Bitcoin ASIC miners are selling at lows not seen since 2020 and 2021, a sign of a deepening crypto bear market.

According to Hashrate Index, the most efficient ASIC miners, those generating at least one terahash per 38 joules of energy, saw their prices fall 86.82% from May. 7, 2021 to Dec. 25.

Antminer S19 and Whatsminer M30s are examples.

Mid-tier machines now average $10.23, down 89.36% from their peak of $96.24 on May 7, 2021.

The least efficient machines, which require more than 68 Joules per TH, are now $4.72, down 91% from $52.85. Last time near this price was Nov. 5, 2020.

Large Bitcoin mining companies have struggled to remain profitable during the bear market, filing for bankruptcy, taking on debt, or selling BTC holdings and equipment to stay afloat.

Core Scientific, Marathon Digital, Riot Blockchain, Bitfarms, and Argo Blockchain are examples.

The steep price drop has drawn buyers. Russian-based mining facilities like BitRiver can capitalize on relatively low electricity costs, with some up-to-date hardware capable of mining one Bitcoin (BTC) at about $0.07 per kilowatt-hour.

Nico Smid of Digital Mining Solutions pointed out in a Dec. 21 tweet that ASIC miner prices bottomed at Bitcoin's last halving cycle in May. 11, 2020 and rose aggressively shortly after, which could play out in Bitcoin's next halving cycle on Apr. 20, 2024.