Bitmain has announced that it is reducing the price of one of its newest mining rig models, the S19 Pro, to US$19 per terahash (TH), which is 41% lower than the price displayed on the Hashrate website. Index.
Terahash is a unit of measurement of computing power on the Bitcoin network. Cryptocurrency miners are priced in Terahash for comparison between different models.
According to CoinMarketCap, the Bitcoin price is down more than 60% so far in 2022, and Bitcoin miners are now making their lowest since November 2020, $17.9 million per day, as reported by Arcane Research. .
As countries rolled out sanctions against Russia in the wake of the Ukraine attack, Russia’s energy production fell, driving up global energy prices , adding to the hardships of miners who rely heavily on electricity. .
The price index for the highest performing Bitcoin mining models is also down more than 67% , falling from 101 USD/TH in early 2020 to 32.71 USD/TH on Thursday.
However, the hashrate on the Bitcoin network rose to an all-time high in September , meaning that competition among miners has reached unprecedented levels.