Bitmain lowered the worth of its Bitcoin mining rigs on December twenty third after miner revenue per unit of hashrate decreased in November.
This low cost additionally applies to the present era of hydro and immersion merchandise, making a cycle by which Bitcoin value power is just not mirrored within the growth of mining margins that beforehand precipitated {hardware} shortage and fast value will increase.
Market capitalization $1.75 trillion
24 hour quantity $41.6 billion
Greatest ever $126,173.18
In line with TheMinerMag, container bundles of the S19 XP+ Hydro (roughly 19 J/TH) are priced near $4/TH and transport is predicted to start in January 2026.
The report cites inside tariffs quoting costs as little as $3 per TH for some S19 hydro fashions and as excessive as $7 to $8 per TH for brand new S21 immersion or hydro fashions earlier than coupons.
Bitmain combines a few of these affords with internet hosting packages that reportedly cost electrical energy prices of roughly 5.5 to 7.0 cents/kWh, plus an administration price of roughly 0.3 cents in a number of areas.
| metric | Current information factors |
|---|---|
| Bitmain Promotional Worth (Bundle Based mostly) | ~$4 per TH for S19 XP+ Hydro Container Bundle (December 23 promotion), transport beginning January 2026 |
| Inner listing quotation vary | Earlier than coupons, as little as $3/TH (some S19 Hydro), ~$7 to $8/TH (some S21 Hydro/Immersion) |
| Internet hosting value vary for bundle affords | ~5.5–7.0¢/kWh + ~0.3¢ Administration price |
| Hash Worth (Common for November 2025) | $39.82/PH/day |
| Hash Worth (November 22, 2025) | $35.06/PH/day (new low) |
| Community issue degree (month-to-month common for November 2025) | ~153.33T (+2.7% in comparison with earlier month) |
Compressed hash costs are rewriting miner economics and ASIC demand
Worth motion displays basic constraints. In different phrases, if the hash value stays compressed, the miner’s demand shall be eradicated within the payback calculation.
In line with Luxor’s November 2025 lookback, the USD hash value averaged $39.82/PH/day, with a print value of $35.06 on November twenty second.
In the identical month-to-month evaluation, Luxor mentioned that aid for operators was restricted as a result of transaction charges made up a small portion of rewards throughout the interval and the community issue averaged round 153.33T.
This mix adjustments purchaser habits in a means that slows down the “BTC rise and ASIC rise.”
Hashprice is successfully the income per unit of hashrate, and Luxor frames it as each day income per PH earlier than deducting prices.
1 PH is equal to 1,000 TH, so at $40 per PH/day, your complete income is roughly $0.040/TH/day.
A 200 TH/s rig would earn about $8 per day at that degree.
If the machine runs at about 19 J/TH, the facility consumption is about 3.8 kW (19 J/TH × 200 TH/s), or about 91.2 kWh per day.
On the midpoint of the internet hosting value vary quoted by TheMinerMag, $0.06/kWh, your vitality prices shall be round $5.47 per day.
This leaves roughly $2.53 per day earlier than facility charges, repairs, downtime, pool charges, and reductions.
At a {hardware} value of $4/TH, a 200 TH machine would value about $800, and the easy payback on this margin could be near 316 days.
If a purchaser undertakes near a 12 months of payback earlier than day-to-day operational frictions come up, the rig’s liquidation value shall be tied to the IRR threshold relatively than the shortage narrative.
This framework additionally helps clarify why reductions are utilized to new merchandise with out instantly inflicting value will increase.
Adjustments on the availability aspect are additionally underway.
In earlier cycles, lengthy lead instances and disconnected distribution amplified stockouts, permitting authentic tools producers and resellers to rapidly reprice stock throughout spikes in demand.
This cycle is much like extra industrial markets, the place producers handle gross sales in competitors with secondary markets and a number of product tiers.
TheMinerMag characterised Bitmain’s wide selection of cuts as a response to the financial downturn and elevated competitors, relatively than a single promotional slot.
The hole with the earlier mania continues to be evident in historic comparisons of $/TH pricing.
In line with Digital Mining Options, {hardware} within the 25-38 J/TH vary was buying and selling round $105/TH in November 2021, however in March 2024 it was buying and selling round $12/TH, regardless of Bitcoin hitting all-time highs throughout that interval.
Whereas this comparability is just not completely constant throughout generations and kind elements, it captures the directional change in “hashrate buying energy” confronted by miners as a result of issue of rerating quicker than community hashrate and price revenue.
Bitmain’s packaging of internet hosting with machines exhibits the place the shortage has moved.
Bundling adjustments the gross sales pitch from a single capital funding determination to an end-to-end operational proposition that features energy procurement, deployment, and operation.
In markets the place it’s tough to safe environment friendly megawatts at predictable costs, entry to electrical energy might be binding.
That is why internet hosting partnerships and containerized deployments are a technique to convert price-sensitive consumers.
Capital allocation outdoors of pure Bitcoin mining is one other issue shaping the marginal demand for ASIC growth.
Public market discourse more and more rewards miners for positioning their information facilities in the direction of AI and high-performance computing, relatively than maximizing hashrate in any respect prices.
A number of miners are pursuing or evaluating AI-related information middle methods to diversify their income.
Investor consideration to large-scale AI information middle offers has additionally boosted some miner shares, rising incentives to direct incremental capex to infrastructure that may present a number of income streams.
Futures pricing will increase warning in regards to the near-term mining financial system
Luxor’s November evaluation famous that USD-denominated ahead hash costs from December 2025 to April 2026 fell by about 16-18% from November 3 to December 1, whereas BTC-denominated forwards rose.
This discrepancy is necessary for companies that pay their prices in {dollars}.
Even when BTC circumstances enhance, the each day funds constraint is USD money stream and the ahead curve displays continued strain.
Whether or not ASIC pricing regains its earlier cycle’s beta will rely extra on price burdens and sustained adjustments in nethash costs after difficulties are addressed than on Bitcoin tape.
Within the absence of a everlasting price construction that will increase the income per TH for months relatively than days, consumers have purpose to deal with the income per TH as a way of restoration.
This allows OEMs to scale back value of entry, scale back supply danger, and bundle operational help.
The January 2026 transport interval for Bitmain’s discounted bundles will check how a lot market growth it’ll sort out at costs under $10 TH/TH below the $35-50/PH each day hash value vary.