{"id":512822,"date":"2025-12-29T13:55:19","date_gmt":"2025-12-29T13:55:19","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=512822"},"modified":"2025-12-29T13:08:29","modified_gmt":"2025-12-29T13:08:29","slug":"bitmain-just-slashed-mining-rig-prices-proving-the-markets-oldest-bitcoin-rule-is-officially-dead","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitmain-just-slashed-mining-rig-prices-proving-the-markets-oldest-bitcoin-rule-is-officially-dead\/","title":{"rendered":"Bitmain just slashed mining rig prices, proving the market\u2019s oldest \u201cBitcoin rule\u201d is officially dead"},"content":{"rendered":"<p>Bitmain cut prices on Bitcoin mining rigs on Dec. 23 after miner revenue per unit of hashrate fell in November.<\/p>\n<p>The discounts, which extend to current-generation hydro and immersion products, are landing in a cycle in which <a href=\"\/coins\/bitcoin\">Bitcoin\u2019s<\/a> price strength has not translated into the kind of mining-margin expansion that previously drove hardware scarcity and rapid markups.<\/p>\n<div class=\"cs-coin-shortcode cs-coin-card\" role=\"group\" aria-label=\"Bitcoin market data\"> <div class=\"cs-coin-card__header\"> <div class=\"cs-coin-card__identity\"> <a class=\"cs-coin-card__logo\" href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\" aria-label=\"Bitcoin\"> <img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/09\/bitcoin-logo-150x150.jpg\" class=\"cs-coin-card__logo-img\" alt=\"Bitcoin logo\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/09\/bitcoin-logo-150x150.jpg 150w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/09\/bitcoin-logo.jpg 300w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/>                                                    <span class=\"cs-coin-card__rank-badge\"> #1                    <\/span> <\/a> <div class=\"cs-coin-card__title\"> <a class=\"cs-coin-card__name\" href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\"> Bitcoin                <\/a> <span class=\"cs-coin-card__ticker\">BTC<\/span> <\/div> <\/div> <div class=\"cs-coin-card__price-row\"> <div class=\"cs-coin-card__price-group\"> <div class=\"cs-coin-card__price\"> <span class=\"cs-coin-card__price-value\"> $80,366.00                                            <\/span> <\/div> <div class=\"cs-coin-card__change is-down\" data-cs-coin-card-change> <span class=\"screen-reader-text\" data-cs-coin-card-change-accessible>-0.11% (24h)<\/span> <i class=\"fa-light fa-arrow-down\" data-cs-coin-card-change-icon aria-hidden=\"true\"><\/i> <span class=\"cs-coin-card__change-value\" data-cs-coin-card-change-value aria-hidden=\"true\">0.11%<\/span> <span class=\"cs-coin-card__change-period\" data-cs-coin-card-change-period aria-hidden=\"true\">(24h)<\/span> <\/div> <\/div> <\/div> <div class=\"cs-coin-card__actions\"> <a class=\"cs-coin-card__external\" href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\" target=\"_blank\" rel=\"noopener\" aria-label=\"Open coin page in a new window\"> <i class=\"fa-regular fa-arrow-up-right\" aria-hidden=\"true\"><\/i> <\/a> <\/div> <\/div> <div class=\"cs-coin-card__chart\" data-cs-coin-shortcode-chart data-cs-coin-change-ranges=\"{&quot;1d&quot;:{&quot;display&quot;:&quot;-0.11%&quot;,&quot;class&quot;:&quot;is-down&quot;,&quot;label&quot;:&quot;24h&quot;},&quot;7d&quot;:{&quot;display&quot;:&quot;-5.08%&quot;,&quot;class&quot;:&quot;is-down&quot;,&quot;label&quot;:&quot;7D&quot;},&quot;1m&quot;:{&quot;display&quot;:&quot;-3.92%&quot;,&quot;class&quot;:&quot;is-down&quot;,&quot;label&quot;:&quot;1M&quot;},&quot;1y&quot;:{&quot;display&quot;:&quot;-26.78%&quot;,&quot;class&quot;:&quot;is-down&quot;,&quot;label&quot;:&quot;1Y&quot;},&quot;all&quot;:{&quot;display&quot;:&quot;+165,203,848.11%&quot;,&quot;class&quot;:&quot;is-up&quot;,&quot;label&quot;:&quot;Since ATL&quot;}}\" data-chart-coin-id=\"230\" data-chart-rest-base=\"\/wp-json\/cryptoslateAPI\/v2\/coins\/\" data-chart-range=\"1d\" data-chart-brand-color=\"#f8931a\"> <canvas class=\"cs-coin-card__chart-canvas\" data-cs-coin-shortcode-chart-canvas aria-label=\"Bitcoin price chart\" role=\"img\"><\/canvas> <\/div> <div class=\"cs-coin-card__chart-ranges\" role=\"group\" aria-label=\"Chart range\"> <button type=\"button\" class=\"cs-coin-card__chart-range is-active\" data-cs-coin-shortcode-chart-range=\"1d\" aria-pressed=\"true\">1D<\/button> <button type=\"button\" class=\"cs-coin-card__chart-range\" data-cs-coin-shortcode-chart-range=\"7d\" aria-pressed=\"false\">7D<\/button> <button type=\"button\" class=\"cs-coin-card__chart-range\" data-cs-coin-shortcode-chart-range=\"1m\" aria-pressed=\"false\">1M<\/button> <button type=\"button\" class=\"cs-coin-card__chart-range\" data-cs-coin-shortcode-chart-range=\"1y\" aria-pressed=\"false\">1Y<\/button> <button type=\"button\" class=\"cs-coin-card__chart-range\" data-cs-coin-shortcode-chart-range=\"all\" aria-pressed=\"false\">ALL<\/button> <\/div> <div class=\"cs-coin-card__metrics\"> <div class=\"cs-coin-card__metric\"> <span class=\"cs-coin-card__label\">Market Cap<\/span> <span class=\"cs-coin-card__metric-value\"> $1.62T                            <\/span> <\/div> <div class=\"cs-coin-card__metric\"> <span class=\"cs-coin-card__label\">24h Volume<\/span> <span class=\"cs-coin-card__metric-value\"> $20.2B                            <\/span> <\/div> <div class=\"cs-coin-card__metric\"> <span class=\"cs-coin-card__label\">All-Time High<\/span> <span class=\"cs-coin-card__metric-value\"> $126,198.07                            <\/span> <\/div> <div class=\"cs-coin-card__metric cs-coin-card__metric--signal\"> <span class=\"cs-coin-card__label\">Market Signal<\/span> <span class=\"cs-coin-card__metric-value\" data-coin-signal-state=\"bullish\"> <span class=\"screen-reader-text\">Bullish, 60 out of 100<\/span> <span aria-hidden=\"true\">60<small>\/100<\/small><\/span> <span class=\"cs-coin-card__signal-label\" aria-hidden=\"true\">Bullish<\/span> <\/span> <\/div> <\/div> <div class=\"cs-coin-card__categories\"> <span class=\"cs-coin-card__label\">Sectors<\/span> <div class=\"cs-coin-card__tags\"> <a class=\"cs-coin-card__tag\" href=\"https:\/\/cryptoslate.com\/cryptos\/layer-1\/\"> Layer 1                        <\/a> <a class=\"cs-coin-card__tag\" href=\"https:\/\/cryptoslate.com\/cryptos\/proof-of-work\/\"> PoW                        <\/a> <\/div> <\/div> <\/div>\n<p>According to <a href=\"https:\/\/www.theminermag.com\/news\/2025-12-26\/bitmain-bitcoin-asic-sales\">TheMinerMag<\/a>, a container bundle for the S19 XP+ Hydro (about 19 J\/TH) comes in near $4\/TH, with shipping slated to begin in January 2026.<\/p>\n<p>The same report cites internal price lists showing quotes as low as $3\/TH for some S19 Hydro variants and around $7\u2013$8\/TH for newer S21 immersion or hydro models before coupons.<\/p>\n<p>Bitmain has paired some of those offers with hosting packages, with power rates cited around 5.5\u20137.0\u00a2\/kWh plus about a 0.3\u00a2 management fee across multiple geographies.<\/p>\n<table>\n<caption>Bitcoin miner metrics<\/caption>\n<thead>\n<tr>\n<th>Metric<\/th>\n<th>Recent datapoint<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Bitmain promo price (bundle basis)<\/td>\n<td>~$4\/TH for S19 XP+ Hydro container bundle (Dec. 23 promo), ship from Jan. 2026<\/td>\n<\/tr>\n<tr>\n<td>Quoted range in internal lists<\/td>\n<td>As low as ~$3\/TH (some S19 Hydro), ~$7\u2013$8\/TH (some S21 hydro\/immersion), before coupons<\/td>\n<\/tr>\n<tr>\n<td>Hosting rate range in bundled offers<\/td>\n<td>~5.5\u20137.0\u00a2\/kWh + ~0.3\u00a2 management fee<\/td>\n<\/tr>\n<tr>\n<td>Hashprice (Nov. 2025 average)<\/td>\n<td>$39.82\/PH\/day<\/td>\n<\/tr>\n<tr>\n<td>Hashprice (Nov. 22, 2025)<\/td>\n<td>$35.06\/PH\/day (new low)<\/td>\n<\/tr>\n<tr>\n<td>Network difficulty (Nov. 2025 monthly average)<\/td>\n<td>~153.33T (+2.7% m\/m)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Compressed hashprice is rewriting miner economics and ASIC demand<\/h2>\n<p>The price action reflects a basic constraint: <a href=\"https:\/\/cryptoslate.com\/bitcoin-miners-are-bleeding-at-90000-but-the-death-spiral-math-hits-a-hard-ceiling\/\">miner demand<\/a> clears on payback math when <a href=\"https:\/\/docs.luxor.tech\/hashrateindex\/hashprice\">hashprice<\/a> stays compressed.<\/p>\n<p>Luxor\u2019s November 2025 lookback puts USD hashprice at an average of $39.82\/PH\/day, with a print of $35.06 on Nov. 22.<\/p>\n\n<div class=\"cs-article-embed\">\n    <a href=\"https:\/\/cryptoslate.com\/bitcoin-miners-are-bleeding-at-90000-but-the-death-spiral-math-hits-a-hard-ceiling\/\" class=\"cs-article-embed__link\">\n        <div class=\"cs-article-embed__body\">\n            <span class=\"cs-article-embed__related-reading\">Related Reading<\/span>\n            <h3 class=\"cs-article-embed__title\">Bitcoin miners are bleeding at $90,000, but the &#8220;death spiral&#8221; math hits a hard ceiling<\/h3>\n        <\/div>\n        <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\">\n            <i class=\"fa-light fa-arrow-up-right\"><\/i>\n        <\/span>\n    <\/a>\n<\/div>\n\n<p>In the same monthly review, Luxor said transaction fees were a small share of rewards during the period, limiting relief for operators as network difficulty averaged about 153.33T.<\/p>\n<p>That combination changes buyer behavior in ways that blunt \u201cBTC up equals ASICs up.\u201d<\/p>\n<p>Hashprice is effectively revenue per unit of hashrate, and Luxor frames it as daily income per PH before costs.<\/p>\n<p>At $40\/PH\/day, gross revenue works out to about $0.040\/TH\/day because one PH equals 1,000 TH.<\/p>\n<p>A 200 TH\/s rig would gross about $8 per day at that level.<\/p>\n<p>If the machine runs around 19 J\/TH, power draw is roughly 3.8 kW (19 J\/TH times 200 TH\/s), or about 91.2 kWh per day.<\/p>\n<p>At $0.06\/kWh, a midpoint within the hosting price band cited by TheMinerMag, energy cost is about $5.47 per day.<\/p>\n<p>That leaves about $2.53 per day before facility fees, repairs, downtime, pool fees, and curtailment.<\/p>\n<p>At a hardware cost of $4\/TH, a 200 TH machine costs about $800, putting a simple payback near 316 days on that margin.<\/p>\n<p>When purchasers are underwriting close to a year of payback before routine operating frictions, the clearing price for rigs becomes tied to IRR thresholds rather than scarcity narratives.<\/p>\n<p>That framing also helps explain why discounts can extend to newer products without immediately triggering a higher repricing.<\/p>\n<h2>There is also a supply-side shift underway<\/h2>\n<p>Earlier cycles saw long lead times and fragmented distribution amplify shortages, which let original equipment manufacturers and resellers reprice inventory quickly during demand spikes.<\/p>\n<p>This cycle resembles a more industrial market, where manufacturers manage turnover amid competition from the secondary market and from multiple product tiers.<\/p>\n<p>TheMinerMag characterized the breadth of Bitmain\u2019s cuts as a response to weak economics and tighter competition, rather than a single promotional window.<\/p>\n<p>The gap from the prior mania remains visible in historical comparisons of $\/TH pricing.<\/p>\n<p>According to <a href=\"https:\/\/digitalminingsolutions.tech\/state-of-the-asic-miner-market\/\">Digital Mining Solutions<\/a>, hardware in the 25\u201338 J\/TH range traded around $105\/TH in November 2021, versus around $12\/TH by March 2024, even as Bitcoin printed an all-time high during that period.<\/p>\n<p>The comparison is not a perfect apples-to-apples match across generations and form factors, but it captures the directional change in \u201chashrate purchasing power\u201d that miners face when network hashrate and difficulty re-rate faster than fee income.<\/p>\n<p>Bitmain\u2019s packaging of hosting with machines also points to where scarcity has migrated.<\/p>\n<p>Bundling shifts the sales pitch from a single capex decision to an end-to-end operating proposition: power procurement, deployment, and operations.<\/p>\n<p>In a market where efficient megawatts are hard to secure at predictable pricing, power access can be the binding constraint.<\/p>\n<p>That makes hosting partnerships and containerized deployments a lever to convert price-sensitive buyers.<\/p>\n<p>Capital allocation outside pure Bitcoin mining is another factor shaping marginal demand for ASIC expansion.<\/p>\n<p>Public-market narratives have increasingly rewarded miners for positioning data centers toward AI and high-performance compute rather than maximizing hashrate at any cost.<\/p>\n<p>Several miners have pursued or evaluated <a href=\"https:\/\/cryptoslate.com\/70-of-top-bitcoin-miners-are-already-using-ai-income-to-survive-bear-market\/\">AI-related<\/a> data center strategies to diversify revenue.<\/p>\n<p>Investor attention around large AI data center transactions has also buoyed some miner equities, reinforcing incentives to direct incremental capex to infrastructure that can serve multiple revenue streams.<\/p>\n\n<div class=\"cs-article-embed\">\n    <a href=\"https:\/\/cryptoslate.com\/70-of-top-bitcoin-miners-are-already-using-ai-income-to-survive-bear-market\/\" class=\"cs-article-embed__link\">\n        <div class=\"cs-article-embed__body\">\n            <span class=\"cs-article-embed__related-reading\">Related Reading<\/span>\n            <h3 class=\"cs-article-embed__title\">70% of top Bitcoin miners are already using AI income to survive bear market<\/h3>\n        <\/div>\n        <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\">\n            <i class=\"fa-light fa-arrow-up-right\"><\/i>\n        <\/span>\n    <\/a>\n<\/div>\n\n<h2>Forward pricing has reinforced caution on near-term mining economics<\/h2>\n<p>Luxor\u2019s November review noted USD-denominated forward <a href=\"https:\/\/cryptoslate.com\/how-long-can-bitcoins-hashrate-hold-as-miners-shut-down-across-the-sector\/\">hashprice<\/a> for December 2025 through April 2026 fell by about 16\u201318% from Nov. 3 to Dec. 1, while BTC-denominated forwards moved higher.<\/p>\n<p>That divergence matters for operators that pay expenses in dollars.<\/p>\n<figure id=\"attachment_512842\" aria-describedby=\"caption-attachment-512842\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-512842 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/luxor-hashrate-forward-curve-20251229-1024x603.png\" alt=\"Bitcoin hashprice forward curve (Source: Luxor)\" width=\"1024\" height=\"603\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/luxor-hashrate-forward-curve-20251229-1024x603.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/luxor-hashrate-forward-curve-20251229-300x177.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/luxor-hashrate-forward-curve-20251229-768x452.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/luxor-hashrate-forward-curve-20251229-1536x905.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/luxor-hashrate-forward-curve-20251229-2048x1206.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-512842\" class=\"wp-caption-text\">Bitcoin hashprice forward curve (Source: Luxor)<\/figcaption><\/figure>\n<p>Even with improved BTC terms, the day-to-day budget constraint is USD cash flow, and the forward curve has reflected continued pressure.<\/p>\n<p>Whether ASIC pricing regains its prior-cycle beta now depends less on Bitcoin\u2019s tape and more on a sustained change in fee contribution and net hashprice after difficulty response.<\/p>\n<p>In the absence of a durable fee regime that lifts revenue per TH for months rather than days, buyers have reason to treat $\/TH as a payback instrument.<\/p>\n<p>That can push OEMs toward lower entry costs, shorter delivery risk, and bundled operating support.<\/p>\n<p>Bitmain\u2019s January 2026 shipping window for its discounted bundles is set to test how much of the market will commit to expansion at sub-$10\/TH pricing under a $35\u2013$50\/PH\/day hashprice band.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitmain cut prices on Bitcoin mining rigs on Dec. 23 after miner revenue per unit of hashrate fell in November. The discounts, which extend to current-generation hydro and immersion products, are landing in a cycle in which Bitcoin\u2019s price strength has not translated into the kind of mining-margin expansion that previously drove hardware scarcity and [&hellip;]<\/p>\n","protected":false},"author":1264,"featured_media":512830,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,77968,79312,2376],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitmain just slashed mining rig prices, proving the market\u2019s oldest \u201cBitcoin rule\u201d is officially dead<\/title>\n<meta name=\"description\" content=\"Hardware costs usually skyrocket when BTC climbs, but a collapse in daily revenue has forced a historic decoupling.\" \/>\n<meta name=\"robots\" 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