Prices of ASICs to mine BTC are in freefall
2 min read
Data from Luxor Mining, a cryptocurrency mining analytics provider, shows that for the last 14 consecutive weeks the prices of all high-end BTC mining equipment have been in freefall.
Prices of BTC ASICs are in freefall
In their analysis, the team divided the miners into three efficiency levels to compute the data from their study and revealed that all of them have dips.
According to the company, the sub-38 joules/TH ASIC level was at $77.15/TH (-2.5%). Meanwhile, the 38-68 J/TH level was at $49.08/TH (-2.8) and above 68 J/TH at $20 (-5%).
In this regard, the company highlighted that it expects the trend to continue and mining rig prices to trend towards China’s post-ban lows last summer.
Luxor Mining adds that the price of BTC needs to go up in 2022 for the difficulty to increase. That way, the “return” from mining will not be even lower than at current levels.
“The hash price will likely continue to fall until it drops back to $0.10/TH/day and/or single digits next year, which is bad for miners,” he said.
Recently, Mexican entrepreneur and billionaire Ricardo Salinas Pliego abandoned his plans to venture into BTC mining. According to him, there is uncertainty in the tax issue, which would imply risks of losses in investments that he would not be willing to take.
Furthermore, he stated that instead of mining BTC, it is much more advantageous to buy the cryptocurrency.
“I decided that what I am going to do is buy more Bitcoin. Let’s let the miners mine. (…) I am an investor and what I am going to do is buy my Bitcoin.”, he stated.
According to Salinas Pliego, if a BTC miner does not have its production ‘sold’ there will be large operational, accounting and tax losses. After all, no revenue will be obtained.
“You mine BTC, leave it in inventory and you have no income. You go to expenses: the depreciation of the mining machines, the operation, the energy, the workers…,” he said.
