Prices for Bitcoin ASIC miners are at historic lows.

As Bitcoin mining equipment keeps flooding the market, the price of ASIC miners per terahash has decreased by more than 80% from its peak in 2021.

In what is being seen as another sign of a deepening crypto bear market, Bitcoin ASIC miners, or devices optimized for the sole purpose of mining Bitcoin, are currently selling at bottom-of-the-barrel prices last seen in 2020 and 2021.

The most effective ASIC miners, those that produce at least one terahash for every 38 joules of energy, have seen their prices drop 86.82% from a peak of $119.25 per terahash on May 7, 2021 down to $15.71 as of December 25.

The Antminer S19 from Bitmain and the Whatsminer M30s from MicroBTC are examples of miners in this category.

The same is true for mid-range machines, whose average price has dropped significantly 89.36% from its peak price of $96.24 on May 7, 2021, to now average $10.23.

The least effective machines, on the other hand, are now priced at $4.72, a 91% decrease from its peak price of $52.85. These machines require more than 68 Joules per TH. It was last priced similarly on or about November 5, 2020.

Large Bitcoin mining operations, which have struggled to stay profitable throughout the bear market, are largely to blame for the price decline. To stay afloat, many of these operations have either filed for Chapter 11 bankruptcy, taken on debt, or sold their BTC holdings and equipment.

Core Scientific, Marathon Digital, Riot Blockchain, Bitfarms, and Argo Blockchain are a few of the companies that have completed that.

However, some eager buyers have responded to the sharp price decline. Many Russian-based mining operations, like BitRiver, are among them. They can benefit from the relatively cheap electricity prices in the country, where modern hardware can mine one Bitcoin (BTC) for about $0.07 per kilowatt-hour.

While it's difficult to predict which price direction ASIC miners will take next, Nico Smid of Digital Mining Solutions noted in a tweet on December 21 that ASIC miner prices bottomed at Bitcoin's most recent halving cycle on May 11, 2020 and quickly moved up afterward — something that could play out in Bitcoin's next halving cycle, which is anticipated to occur on April 20, 2024.

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