The downturn in the cryptocurrency market has made it difficult for some miners to afford their expensive equipment and mining costs. Bitmain’s Antminer S19 and S19 Pro are priced at around $26-36 per Terahash, which has fallen to the lowest level since 2020, according to market data for specialized integrated circuit (ASIC) miners provided by Luxor.
According to Luxor’s Bitcoin ASIC price index, including: Antminer S19, S19 Pro, Whatsminer M30… and other miners with similar specifications (efficiency below 38 J/TH), the latest average price is about $41/TH, but in at the end of last year, it was as high as $106/TH, a sharp drop of more than 60%. And since the bottom of Bitcoin price in 2020, the horizontal range of 20+ USD/TH has not been seen.
Celsius Mining dumped many miners before filing for bankruptcy
In addition, as Celsius and its mining subsidiary Celsius Mining filed for bankruptcy protection together this week, Coindesk reported earlier today that the price drop of mining machines in the bear market has also been exacerbated. According to a person familiar with the matter, Celsius Mining auctioned off thousands of its newly purchased mining machines in June: the first batch (6,000 units) was sold at $28/TH, and the second batch (5,000 units) was sold at $22 The price of /TH changed hands, and according to price index data, miners were trading at around $50-60/TH at the time.
It is reported that Celsius Mining invested a total of $500 million in Bitcoin mining operations in North America last year, and reportedly has about 22,000 ASIC mining machines, most of which are Bitmain’s latest generation AntMiner S19 series; After a Financial Times reporter broke the news that the company’s investment in the mining business came from customer funds, the company’s CEO Alex Mashinsky broke his promise not to embezzle customer deposits.
Luxor chief operating officer Ethan Vera also warned earlier: As more miners enter the market, we expect the price of new generation equipment to drop by $1-2/TH, and many mining companies will need to liquidate some of their equipment, which will give ASICs Price brings additional pressure.
CleanSpark acquired nearly 3,000 mining machines in a single month
But despite the market downturn, there are still companies that choose to invest more at the low point. According to a press release issued by Bitcoin mining and energy technology company CleanSpark on the 14th, the company recently acquired many 1,061 Whatsminer M30S machines at Coinmint’s renewable energy hosting facility at a steep discount. Some mining power adds about 93 petahashes per second (PH/s) of computing power.
Zach Bradford, CEO of CleanSpark, said: “Our proven hybrid approach of bringing our equipment together while expanding our own mining facilities puts us in a great position to continuously increase our Bitcoin mining capacity.
In fact, this is the company’s second major purchase of machines in about a month. During the market downturn in June, CleanSpark also secured a purchase contract for 1,800 Antminer S19 XP bitcoin mining machines at a low price. According to Bradford, the company’s hashrate has grown by 47% in the past six months, and its monthly bitcoin production has grown by 50% over the same period. These important KPIs underscore the fact that we are growing faster than global computing power… We believe that an operational strategy focused on efficiency, uptime and execution will keep these metrics improving.
Post time: Sep-04-2022