• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Breaking News: KyberSwap Hacker Demands Full Control, Sets December 10th Deadline
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: KyberSwap Hacker Demands Full Control, Sets December 10th Deadline
Bitcoin ASIC Miners

Bitcoin ASIC Miners Plummet To Lowest Price Since Jan 2021

Keshav Verma by Keshav Verma
1 year ago
in ASIC miners, Bitcoin
0

Data shows the price of the Bitcoin ASIC miners has plunged down to the lowest value since January of last year as mining profitability drops off.

Prices Of Bitcoin ASIC Miners Have Observed A Decline In Recent Months

According to the latest weekly report from Arcane Research, the current downtrend in the prices of ASIC miners is likely to continue in the near future.

An application-specific integrated circuit (or ASIC in short) is a type of device tailor made to perform a specific function.

Bitcoin ASIC miners are therefore machines that are optimized for the sole purpose of mining on the BTC blockchain.

The ability or the power of these rigs to mine BTC is called the “hashrate,” and it’s usually measured in terahash per second (TH/s).

Now, here is a chart that shows how the price of the most energy efficient BTC ASICs has changed over the past year and a half:

Bitcoin ASIC Miners

Looks like the value of these mining rigs has significantly gone down over the last few months | Source: Arcane Research's The Weekly Update - Week 25, 2022

In the above graph, the price of the most efficient Bitcoin ASIC miner is measured in terms of the dollar cost for every TH/s.

During the height of the early 2021 bull run, the ASIC mining machine price peaked out at a value of $120 per TH/s.

Related Reading | Bitcoin Bearish Signal: Coinbase Receives Large Inflows

But a couple of months later China cracked down on miners in the country, forcing them to flood the market with their rigs, which lead to a crash in the value of ASIC miners.

The Bitcoin mining rigs rebounded and once again hit a peak later in November of that year as BTC rallied to a new all-time high.

However, since then, as the BTC price itself has declined, the prices of the ASIC mining machines have also observed a drop.

Currently, these miners cost the same as they did back in January 2021. The reason behind this fall is that mining profits have shrunk down recently.

Related Reading | Bitcoin Mining Facility Shut Down Following Sharp Decline In Miner Profitability

Miners depend on the USD income from their rewards to keep up their mining operations. As the value of BTC has crashed, so have the miners’ revenues.

The report notes that this trend is likely to continue in the near future as many large mining companies have bought their rigs on debt.

Some of these miners who won’t be able to pay the debt off due to low profitability will have to dump their machines, further crashing the ASIC prices down.

BTC Price

At the time of writing, Bitcoin’s price floats around $20k, down 2% in the past week.

Bitcoin Price Chart

BTC takes a plunge down | Source: BTCUSD on TradingView
Featured image from Brian Wangenheim on Unsplash.com, charts from TradingView.com, Arcane Research
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Keshav Verma

Keshav Verma

Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

Related Posts

XRP

Can XRP Price Reach $50? Crypto Analyst Predicts Massive Move

6 hours ago
Ukraine

Corruption In Ukraine: Crypto Worth $1.5 Million Confiscated From Former Gov’t Official

9 hours ago
Cardano founder Small

Cardano Founder Drops Hard Truths: ‘Bitcoin Was Heavily Centralized At The Start’

15 hours ago
Bitcoin price Small

3 Reasons Why Bitcoin Price Is Trading Above $38,500

1 day ago
Circle

Circle Defies Allegations: No Illicit Financing Links And Justin Sun Ties

1 day ago
Ethereum

Ethereum Exodus: Validators Jump Ship – What’s Driving The Mass Departure?

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
Inmerion
Inmerion

Press Releases

  • Wish You’d Invested in BTC and ETH Sooner? Experts Say...

    3 hours ago
  • Market Rallies Post-Holiday. Fake-Out or Are Bulls Back in...

    6 hours ago
  • The Best Altcoins to Invest in? Cardano, Polygon, and...

    1 day ago
  • Top 3 Affordable Cryptos Worth Buying Next Week

    1 day ago
  • 3 High Growth Cryptos To Buy Now

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.