Bitcoin: ASIC Mining Rig Prices Fall to 2-Year Lows

Bitcoin (BTC) mining rig, ASIC, is witnessing a massive fall in prices at the moment. As per reports from Hashrate Index, ASIC miners are seeing their prices drop by 86.82%. These rigs generate at least one terahash per 38 joules of energy. Their prices peaked on May 7, 2021, at $119.25 per terahash. The prices are down to $15.71 per terahash as of Dec. 25. Bitmain’s Antminer S19 and MicroBTC’s Whatsminer M30s are some of the rigs in this category. Many speculated that this is a sign of the current bear market coming to an end.

Efficient Bitcoin miners aside, mid-tier machines are also seeing their prices fall. Data indicated that the cost of these machines has dropped 89.36%. Prices reached a peak of $96.24 on May 7, 2021, but dropped to $10.23 at press time.

Lastly, machines that are the least energy-efficient and consume more than 68 Joules per TH are priced at $4.72, a 91% decrease from their high of $52.85. It was last priced similarly on or about November 5, 2020.

Why is the price of Bitcoin mining rigs falling?

Large mining firms that have battled to remain profitable during the bear market are mostly to blame for the price decline. To stay afloat, several mining businesses are turning to Chapter 11 bankruptcy, taking on loans, or liquidating their Bitcoin holdings and assets. Core Scientific, Marathon Digital, Riot Blockchain, Bitfarms, and Argo Blockchain are a few companies that have taken that route.

However, some eager purchasers have responded to the sharp price decline. Numerous mining operations in Russia, like BitRiver, may profit from the comparatively low cost of power.

According to Nico Smid of Digital Mining Solutions, the price of ASIC miners hit a low on May 11, 2020, during the previous Bitcoin halving cycle, and then sharply increased immediately after. The next Bitcoin halving cycle, anticipated to occur on April 20, 2024, might see something similar.

At press time, Bitcoin (BTC) was trading at $16,853.37, up by 0.1% in the last 24 hours.

  • bitcoin
  • Bitcoin Mining
  • btc

Comments

Post a Comment

Popular posts from this blog

Fetch.ai Price Prediction: FET Pumps 14% On Nvidia Earnings As AI Cryptos Boom And Analysts Say This New Solana Meme Coin Might Outperform BONK, WIF And MYRO

Image
The Fetch.ai price has soared by 14.5% in the past 24 hours to trade at $1.12 as of 8:15 a.m. EST on trading volume that surged 10.5% to $612 million. This surge came after AI chip maker Nvidia reported that fourth-quarter earnings had surpassed market expectations, buoying most of the AI crypto sector. Other AI cryptos to surge included Render (RNDR), Akash Network (AKT), and Bittensor (TAO), all ascending by double digits. Fetch.ai Price Susatains Bullish Momentum Above the Bullish Pennant FETUSD Analysis by Tradingview The Fetch.ai price indicates a continued uptrend after breaking from the consolidation stage. However, the resistance level at $0.78 has led to the formation of a bullish pennant, which signals a bullish trend reversal. However, the bulls seem to have acted on the pennant, indicating resilience on the $0.4424 support zone and flying the price past the $0.78 resistance, confirming the bull rally to the $1.17 resistance level. The technical indicators are bul...
Read more

Bitcoin slicing through this resistance could send it over $47k

Image
Although the majority of assets in the cryptocurrency sector got off to a slow start this week, Bitcoin (BTC) could be looking at a massive advance toward and beyond the threshold of $47,000 soon, provided it manages to break the key resistance that currently stands in its way. As it happens, Bitcoin’s realized price distribution (URPD) or unspent transactions output (UTXO), or the amount remaining after every transaction, suggests that the maiden cryptocurrency is facing “stiff resistance at $38,500,” as noted by crypto market analyst Ali Martinez in an X post on November 26. Having said that, the crypto trading expert also observed that the flagship decentralized finance (DeFi) asset “slicing through this barrier could help BTC advance toward $47,360,” which is the next significant point in the chart Analysis that Martinez shared. Bitcoin UTCO realized price distribution. Source: Ali Martinez Specifically, UTXO UPRD shows at which prices the current Bitcoin UTXOs appeared, ea...
Read more

Binance faces calls for ban by Nigerian Bureau De Change association

Image
Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market. Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureau De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation. ABCON is a self-regulatory body and an umbrella for all the central bank-licensed Bureaux de Change (BDC). This action comes in response to the association reportedly recognizing Binance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadabe, president of ABCON, provided this counsel in an interview held on Aug. 8 in Lagos. Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel mar...
Read more