Bitcoin ASIC miners used by miners to produce Bitcoin are now witnessing a massive price decline. According to several reports, the mining equipment is presently selling at figures that it last sold last year. The new price levels are another metric to measure the current market decline, which has worsened over time. Aside from the price of the ASIC miners, the hash rate has also witnessed a massive drop to register figures that have not been seen in a while.
ASIC miners lose massive value
According to a website that tracks the prices of these machines, the cost of one of the biggest machines has lost more than 86% of its value since it last sold in May 2021. In order to put it into perspective, the machine costs $119 per terahash but now sells for $15. The miners that were in this group were the Antminer and the Whatsminer.
The moderate machines also suffer the same fate, with their prices losing about 89% over the same period. The machines used to sell for $96 but are now available for as low as $10. Meanwhile, the least ranked machines are now selling for $4, dropping a massive 91% over the same time from their previous price of $52. Before then, the machine sold for the same price in 2020.
Analysts back crypto market resurgence
Since the bear market began, there have been little realized gains across all sections of the crypto market. The massive drop in the price of these ASIC miners has resulted from the struggles that most of these mining centers have faced over the year. Some companies were able to file for bankruptcy, while others were lucky enough to take on these debts. However, some companies turned to their stashed BTC to stay afloat.
Some companies that have had to shut their operations due to little gains and other factors include Core Scientific, Riot Blockchain, and Argo Blockchain. In the same case, the sharp price drop has given rise to investors that prefer to buy the dip. Although it is hard to say what will happen in the market regarding the price of assets and the ASIC miners, the people in charge believe that fortunes will turn soon. Something like this happened in 2020, immediately after the price of Bitcoin was halved. It didn’t take long for the cost of the equipment and asset to make a pushback and go over the top.