Bitcoin

Impact

April

The ASIC market is experiencing substantial changes following Bitcoin’s April halving, which reduced miners’ rewards. Analysts from Hashrate Index report that many mining models have seen significant price reductions as the market adapts to this new environment. The latest generation of Bitcoin miners, like the S21 and T21, performed notably better than older models in Q2, emphasizing the industry's focus on efficiency, according to <a href="https://crypto.news/asic-market-undergoes-significant-repricing-analysts-say/" rel="noopener noreferrer nofollow">Crypto</a>.
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdMxO4BL6OVZglt15mnkLbOLRJ29YMpSBvuVJIroUX2QrbDDJDKknNtnv_1-jbrD-pGpisql55rNXJz3-DotE7PJdOchx5Jh-bCmq7TJTYlgabA_pgz_tUK7SNFu-QQ_gk1tTKyDqp5VoFwzOH_wInYDGhj?key=APLzgIEH5rcVrKjwGcwD3w" alt="">
</figure>
Despite the initial high efficiency of the S21, its price dropped before the halving, indicating it was initially overpriced. However, it rebounded slightly by the end of Q2, finishing with only a marginal decline. The analysts highlight that Q2 marked a downturn for Bitcoin's <a href="https://ultramining.com/news/en/bitcoins-rebound-above-30k-boosts-hashprice-a-4-leap-in-24-hours/" rel="noopener noreferrer nofollow">hashprice</a>, which hit an all-time low of $44.43 per petahash (PH) per day in May. Over the quarter, the hashprice in USD terms fell by 56%, resulting in a 53% year-to-date decrease and a 38% year-over-year decline. In Bitcoin-denominated terms, the hashprice dropped 68% year-to-date.
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeoT-4-dh92OG1mrSWOe3r53wYN3vJiUfFiXo8Ridwe-ho5-KhJO9983J49TN4BYo1VLMZBt1K8q2nCxmStKWpzMrKzfee4o1w7qIkwALvLtC-gXI0IHAOW-JP01uvqnvdGEost0rD3VJvg7OXyhAwbmxvD?key=APLzgIEH5rcVrKjwGcwD3w" alt="">
</figure>
The report also addresses the diversification efforts by several public miners, who have ventured into artificial intelligence (AI) and high-performance computing (HPC) services. However, Q1 data shows that self-mining continues to be the primary revenue source for these miners. AI and HPC contributions to overall revenue remain minimal.

ASIC Market Undergoes Significant Repricing Amid Bitcoin Halving Impact

Ultramining_Eng

Other articles published on Jul 25, 2024

Trump and Lummis to Reveal Game-Changing Bitcoin Bill at Conference

Bitcoin mainnet receives first-ever verified ZK-proof

Big Meme Coin Movers: DOGE, Raboo, and BONK Volumes Set To Soar

Dogecoin (DOGE) Price Poised For 10x Rally in Next 2-3 Weeks

VET and Arweave (AR) Underwhelm As Rollblock Continues To Dominate With Price Surging Once More

Bold Prediction for Bitcoin (BTC) from VanEck, Which Manages 89 Billion Dollars!

Join our free newsletter for daily crypto updates!