The demand for bitcoin mining hardware is still high, As evidenced by the latest Bitmain unit, which sold out in seconds.
On December 21, bitcoin mining hardware maker Bitmain announced that its latest HNS HS3 unit had sold out in 27 seconds.
Antminer retails for $2,092 per unit, which is pretty cheap considering the drop in mining hardware prices this year. The HNS Blk2B+SHA3 air-cooling miners went on sale on December 20th and sold out quickly. The Bitmain website said only five units were available per customer.
It offers a hash rate of 9 TH/s (terahash per second) and a power rating of 2,079 watts. This translates to an energy rating of 231 joules per terahash.
Bitmain miners sold out
Chinese mining giant Bitmain remains the market leader for bitcoin mining hardware. The firm’s only available flagship model is the Antminer S19 XP, which has a hash rate of 134 TH/s and only 21.5 Joules per terahash. However, it is triple the price at $6,164 per unit.
In addition, its 100 TH/s S19 Pro Antminer was also sold out, according to the company’s website. The Bitmain Antminer S19 XP Hydro, which has a hash rate of over 200 TH/s, was also unavailable.
According to the Hashrate Index, the ASIC Price Index dropped in 2022 along with the bitcoin price. Additionally, the decline was sharper with higher power efficiency miners. The ASIC Price Index shows the current price per terahash of various BTC mining equipment grouped by three efficiency levels.
Mining profitability has plummeted this year as BTC miners face a triple whammy. The high hash rate and difficulty, low bitcoin price, and rising energy costs have affected most of them.
As a result, the hashrate or mining profitability has dropped by 75% since the beginning of the year. According to the Hashrate Index, the metric that measures the expected value of 1 TH/s of hashing power per day, is currently near a low of $0.061 TH/s/day.
bitcoin hash rate drop
The network hash rate has dropped 11% from its all-time high in early November to 243 TH/s today. However, this is still too high for many miners to turn a profit.
Furthermore, fears of another bitcoin miner selloff have been dispelled by industry experts. Even if miners sell 300% of their daily production of 2,700 BTC per day, “it will not exceed 0.6% of the bitcoin spot volume,” Jaren Melrud said.
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.