Mining machines are as cheap as ever
Miners are sub-$10/TH/s again
Amid bitcoin’s rising hashrate and the launch of the next generation of miners, the spot prices for existing bitcoin ASICs keep setting all-time lows.
Luxor’s ASIC price index shows miners with an efficiency range of 25-38J/TH are trading at around $11/TH/s, even lower than that in December 2022 when both bitcoin’s price and hashprice hit bottom.
Based on data seen and compiled by TheMinerMag, various models from the previous generation that fall within the 25-38J/TH range (such as the Antminer S19, Avalon 1326, and WhatsMiner M30S+) are being quoted for less than $10/TH/s. They were all launched around the bitcoin halving in 2020. The price of the Antminer S9 went through a similar change during the bear market of 2018 -2019.
Since the S19j Pro model is one of the main contributors to bitcoin’s global hashrate growth since the last halving, the heat map below by TheMinerMag analyzes different scenarios of the payback period for buying S19j Pros at its current spot price of $10/TH/s.
At an average energy rate of $0.07/kWh, the S19j Pro will not be mining at a profit if bitcoin’s hashprice drops below $50/PH/s and, given the market dominance of this model, that is a crucial threshold to watch as next year’s bitcoin halving draws closer.
Although bitcoin’s hashprice hovers above $60/PH/s, bitcoin’s hashrate appears to be outgrowing its market price over the past month. In a new research report initiating coverage on several public mining stocks, JP Morgan analysts estimated the network could see a reduction of 80 EH/s after halving.
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