Bitcoin ASIC miners — machines optimized for the sole purpose of mining Bitcoin — are currently selling at bottom-of-the-barrel prices not seen since 2020 and 2021, in what is being viewed as another sign of a deepened crypto bear market.
But the steep price fall has been met with some keen buyers. Among those include many Russian-based mining facilities like BitRiver who are able to capitalize on relatively low electricity costs, with some up-to-date hardware capable of mining one Bitcoin (BTC) at about $0.07 per kilowatt-hour in the energy-rich nation.
While it’s hard to predict what price direction ASIC miners will head toward next, Nico Smid of Digital Mining Solutions pointed out in a Dec. 21 tweet that ASIC miner prices bottomed at Bitcoin’s last halving cycle in May. 11, 2020 and moved up aggressively shortly after — something which could play out in Bitcoin’s next halving cycle which is expected to take place on Apr. 20, 2024.
