Bitmain Cuts ASIC Prices, Offers Bundles as Mining Margins Crater
Bitmain, the leading ASIC manufacturer, has implemented across-the-board discounts and bundle deals on multiple generations of Bitcoin mining hardware, including S19 and S21 series. Reports say even flagship S21 immersion-cooled units saw cuts of about $7 per TH/s, and some bundles were auctioned with buyers able to “name their price.” The move comes as hashprice — expected daily revenue per TH/s — fell to near $35/TH/s/day, below commonly cited breakeven levels (~$40/TH/s/day). Mining operators face a squeezed margin environment driven by a 2024 halving (block subsidy halved to 3.125 BTC), a significant BTC price drop in 2025 (from >$126k in October to ~$80k in November), rising energy costs, regulatory pressure and supply-chain stress. Miners are increasingly turning to renewable energy and cost-cutting measures to survive. The hardware discounts signal distress in the mining sector and may accelerate consolidation among smaller or heavily levered operators.
Bearish
Bitmain’s widespread price cuts and auction-style bundle sales point to excess hardware supply and urgent liquidity needs among miners. A falling hashprice (~$35/TH/s/day) below the breakeven threshold (~$40/TH/s/day), combined with a sharp BTC price decline in 2025 and higher operational costs, reduces miner profitability and increases the likelihood of shutdowns or distressed asset sales. Historically, mining-capex sell-offs and margin compression have pressured BTC short-term sentiment by signaling weaker network economics and potential miner capitulation (e.g., post-halving downturns in prior cycles). In the short term, expect increased downward pressure on miner-related equities and secondary market selling of ASICs and possibly BTC as operators cover costs. In the medium to long term, consolidation and a shift to lower-cost renewable power could improve survivorship; if BTC price recovers, discounted hardware could enable faster capacity scaling for resilient operators. Overall, the immediate market implication is negative for risk appetite, with potential for stabilization if miners reduce hash rate and BTC price rebounds.