Bitcoin ASIC miner prices are hovering at multi-year lows.

As Bitcoin mining machines continue to flood the market, the price per terahash of ASIC miners has dropped by more than 80% since its peak in 2021.

Bitcoin ASIC miners — machines optimized for the sole purpose of mining Bitcoin — are currently selling at rock-bottom prices not seen since 2020 and 2021, which is viewed as further evidence of a deteriorating crypto market.

According to the most recent data from Hashrate Index, the prices of the most efficient ASIC miners, those generating at least one terahash per 38 joules of energy, have dropped by 86.82% from their peak of $119.25 per terahash on May 7, 2021 to $15.71 as of December 25.

These miners include the Bitmain Antminer S19 and the MicroBTC Whatsminer M30s.

The same is true for mid-tier machines, whose prices have averaged $10.23 since plummeting 89.36% from their all-time high of $96.24 on May 7, 2021.

However, the least efficient machines, requiring more than 68 Joules per TH, are now priced at $4.72, a 91% decrease from its all-time high of $55. It was last priced similarly around November 5, 2020.

Large Bitcoin mining companies have struggled to remain profitable throughout the bear market, with many filing for Chapter 11 bankruptcy, incurring debt, or selling their BTC holdings and equipment to remain solvent.

Core Scientific, Marathon Digital, Riot Blockchain, Bitfarms, and Argo Blockchain are among the companies that have implemented such a system.

However, the steep price reduction has attracted some eager buyers. Numerous Russian-based mining facilities, such as BitRiver, are able to take advantage of relatively low electricity costs, with some modern hardware capable of mining one Bitcoin (BTC) for approximately $0.07 per kilowatt-hour in the energy-rich nation.

Nico Smid of Digital Mining Solutions noted in a Dec. 21 tweet that ASIC miner prices bottomed out during Bitcoin's last halving cycle on May 11, 2020, and subsequently rose aggressively — a pattern that could repeat itself during Bitcoin's next halving cycle, which is expected to occur on April 20, 2024.

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