Bitcoin mining rig maker BITMAINtech is discounting the Antminer S19 Pro even after prices for the rigs have fallen dramatically this year. egreechee reports
Last year, miners were clamoring to sign advance contracts with Bitmain and its peers, MicroBT and Canaan, as a bull market sent the bitcoin price to a record high, driving up production. Demand has since slowed and the price of rigs has dropped from an average of $68/TH on Jan. 1 to $20.8/TH on Sept. 20, Luxor Technologies data show.
"The market is choking on the volume of new hardware, some that was preordered and financed with the hope of expansion," said Denis Rusinovich, co-founder of CMG Cryptocurrency Mining Group and Maverick Group. An indicator of how much North America was flooded with hardware was illustrated about a month ago, when hardware imported into the U.S. was cheaper by as much as $1.5/TH compared with China.
Based on conversations with analysts, Matt Schultz, the executive chairman of bitcoin miner CleanSpark, estimates that there are 250,000-500,000 new mining rigs sitting in their boxes across the U.S. "Bitmain's new discount price of $19/TH will definitely lead the rig market to drop further," said Arcane Research analyst Jaran Mellerud.
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