• Bitmain dropped rates of Mining rigs because of the volatile crypto market. 
• Bitmain did not disclose the original prices of rigs before the discounted price. 

Bitmain crypto mining rig manufacturing giant and a renowned crypto miner firm globally informed that it is decreasing its mining prices. However, the firm already decreased its prices by over 70% during a bear market and global energy crisis.      

Crypto miners worldwide are struggling due to the volatile crypto market and severe downtrend followed by all cryptocurrencies, and the prices of bitcoin have decreased by 60% since starting in 2022. The revenue generated by miners has also decreased.       

The major reason for decreasing revenue from mining is the increasing energy prices of electricity and other fuels like oils and gases and the hike in fuels because of the Russia and Ukraine war.

Bitmain posted on its Twitter handle informing the user about decreased prices of the Antminer S19 Pro 100 terahash(TH) model by $19/TH. The prices of the Antminer decreased by 30% below its original market price as maintained by Luxor Technologies. Moreover, Bitmain refused to specify the prices before the discount.        

Bitmain mentioned some terms and conditions for purchasing Antminer S19pro.The terms are as follows:

1. Only 200 units can be purchased for one account. 
2. One purchasing the product should have to pay full payment when ordering.  
3. The customer has to pay extra prices for shipping costs, customs charges, and taxes(if any) are imposed.  
4. Order, once placed, will not be cancelled, or the order amount will not be refunded at any cost.    

According to Lauren Lin, an operation manager at Luxor, bulk buyers are likely also to purchase the Antimers S19 XP model at over $45/TH.  

Denis Rusinnovich co-founded CMG Crypto mining group, and Maverick Group said, “The market is choking on the volume of new hardware, some pre-ordered and financed with the hope of expansion.”  

Based on the discussion with analyst Matt Schultz, the executive chairman of CleanSpark, estimated that there are 250K-500K new mining machines kept with the firm all over the U.S.      

Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.