Bitmain is selling off equipment at a high discount
The bearish trend that has taken hold in the cryptocurrency market has created a lot of difficulties for miners. The energy crisis worse the situation. One of the largest producers of cryptocurrency mining hardware, Bitmain, announced a 70% drop in prices.
Total sanctions, reduced energy resources, rising operating costs, and a 60% drop in the value of the first cryptocurrency - significantly complicate miners' work.
The Bitmain Twitter account has reported that the well-known manufacturer will reduce the cost of the popular model Antminer S19 Pro 100 TH to $19. At the moment, this is 30% less than the market price. Bitmain has not indicated how much the hardware cost before the discount. It's worth noting that only 200 units will be available for sale at the discounted price. Thus, bulk buyers will likely have to pay around $45 for each Antminer.
A year ago, when the bull trend drove the price of BTC to its maximum value, miners were demanding to sign preliminary contracts with Bitmain, MicroBT, and Canaan. Since then, the situation has changed dramatically.
According to Denis Rusinovich, co-founder of CMG Cryptocurrency Mining Group and Maverick Group, there is currently a high surplus of equipment on the market, ordered during a period of growth for the prospect of expansion.
Matt Schultz (CleanSpark) estimates that 250 000 - 500 000 pieces of equipment are in stock.