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 worth energy is just not mirrored within the growth of mining margins that beforehand precipitated {hardware} shortage and fast worth will increase.
Market capitalization $1.74 trillion
24 hour quantity $47.27 billion
Greatest ever $126,173.18
In accordance with TheMinerMag, container bundles of the S19 XP+ Hydro (roughly 19 J/TH) are priced near $4/TH and transport is anticipated to start in January 2026.
The report cites inner 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 spanking new S21 immersion or hydro fashions earlier than coupons.
Bitmain combines a few of these presents with internet hosting packages that reportedly cost electrical energy prices of roughly 5.5 to 7.0 cents/kWh, plus an administration charge 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 record quotation vary | Earlier than coupons, as little as $3/TH (some S19 Hydro), ~$7 to $8/TH (some S21 Hydro/Immersion) |
| Internet hosting worth vary for bundle presents | ~5.5–7.0¢/kWh + ~0.3¢ Administration charge |
| Hash Worth (Common for November 2025) | $39.82/PH/day |
| Hash Worth (November 22, 2025) | $35.06/PH/day (new low) |
| Community problem stage (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 elementary constraints. In different phrases, if the hash worth stays compressed, the miner’s demand might be eradicated within the payback calculation.
In accordance with Luxor’s November 2025 lookback, the USD hash worth averaged $39.82/PH/day, with a print worth of $35.06 on November twenty second.
In the identical month-to-month evaluation, Luxor mentioned that reduction for operators was restricted as a result of transaction charges made up a small portion of rewards through the interval and the community problem averaged round 153.33T.
This mixture modifications purchaser habits in a manner 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 equals 1,000 TH, so at $40 per PH/day, your whole income is roughly $0.040/TH/day.
A 200 TH/s rig would earn about $8 per day at that stage.
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 worth vary quoted by TheMinerMag, $0.06/kWh, your vitality prices might 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} price of $4/TH, a 200 TH machine would price 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 worth might be tied to the IRR threshold quite than the shortage narrative.
This framework additionally helps clarify why reductions are utilized to new merchandise with out instantly inflicting worth will increase.
Modifications on the availability aspect are additionally underway.
In earlier cycles, lengthy lead occasions 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 big selection of cuts as a response to the financial downturn and elevated competitors, quite than a single promotional slot.
The hole with the earlier mania continues to be evident in historic comparisons of $/TH pricing.
In accordance 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, though Bitcoin hit an all-time excessive throughout that interval.
Whereas this comparability is just not completely constant throughout generations and type elements, it captures the directional change in “hashrate buying energy” confronted by miners as a result of problem of rerating sooner than community hashrate and charge revenue.
Bitmain’s packaging of internet hosting with machines exhibits the place the shortage has moved.
Bundling modifications the gross sales pitch from a single capital funding choice 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 will be binding.
That is why internet hosting partnerships and containerized deployments are a technique to convert price-sensitive consumers.
Capital allocation exterior 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 direction of AI and high-performance computing, quite 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 economic 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 vital for companies that pay bills in {dollars}.
Even when BTC situations enhance, the each day funds constraint is USD money circulation and the ahead curve displays continued strain.
Whether or not ASIC pricing regains its earlier cycle’s beta will rely extra on charge burdens and sustained modifications in nethash costs after difficulties are addressed than on Bitcoin tape.
Within the absence of a everlasting charge construction that will increase the income per TH for months quite than days, consumers have purpose to deal with the income per TH as a method of restoration.
This permits OEMs to cut back price of entry, scale back supply threat, and bundle operational help.
The January 2026 transport interval for Bitmain’s discounted bundles will take a look at how a lot market growth it can deal with at costs under $10 TH/TH underneath the $35-50/PH each day hash worth vary.
