High discounts: prices on miners fell by 70%

  • Ultramining.com
  • 11:05 Nov 08, 2022
High discounts: prices on miners fell by 70%

According to The Wall Street Journal, the market situation is forcing miners to sell equipment at minimal prices to cut their losses.

According to data provided by Luxor Technology, the cost of devices with 100TH capacity is $24. A year ago, their price was at least $106. Thus, the price is lower by more than 70%.

During the active growth in the value of BTC and the bullish trend in the crypto market, companies were acquiring new miners and renting huge spaces in the hope of earning large sums of money. Many used loans as they were sure they could pay back the loans without any problems.

After the Fed raised the key rate, the market had a long correction. It led to high losses. So now selling off hardware is the only way to make money.

However, some remain in the gain. The situation when miners suffer losses and securities fall is attractive for those who buy up troubled assets. Moreover, companies that are not highly leveraged can still profit from mining.

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