From the price of cryptocurrencies to the profitability of miners, everything seems to be down in the crypto market. And one of the latest items to be affected by the market cooling off is BTC mining machines.
BTC Mining Machines Price Has Dropped
The devices, known as ASICs, have seen their price plummet with the drop in BTC’s price. According to a survey by the Hashrate Index, BTC mining equipment has already dropped by 60% this year.
The company points out that this is a downtrend driven by market volatility. It is worth noting that ASIC miners have been in a downtrend for 26 weeks.
The hashrate index discriminates against ASICs based on their efficiency. High-end miners like Bitmain’s S19 Pro (110 TH/s), for example, are priced at an average of $5,500. In January, the value was almost US$ 11,200 for this type of equipment.
For a newer miner like an S19 Pro+ Hyd (198 TH/s), the current price is around $9,900. By way of comparison, at the beginning of the year, this same equipment was costing close to US$ 20 thousand. That is, it is a price drop of 51.4% in almost seven months.
Meanwhile, devices like Bitmain’s S17 (56 TH/s) were the ones that fell the most in the period from January to June. They are down 66.3% from the start of the year, from $4,200 on average to $1,400 now.
Likewise, Bitmain’s famous S9 (13.5 TH/s), which still hover around the market, also dropped by more than 505. In this case, they dropped by 56.2%, after going from $358 in January to just US$ $156 in June.
Current average prices of ASICs have not been seen since the early days of 2021.
“This may increase the reluctance of investors to acquire BTC miners,” highlighted Jesus Herrera
However, he points out that given the drop in demand, this also accelerates the fall in prices.
“The truth is that the price drop can be seen as an opportunity to enter the market that should not be missed”, he concludes.