Bitcoin

April

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Following Bitcoin’s April halving, which cut miners’ rewards, many mining models saw “significant drawdowns” in pricing, according to Hashrate Index. 
The ASIC market is undergoing significant changes as mining rigs are trying to adapt to a post-halving environment, with Bitcoin’s (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) hashprice hitting record lows. The latest generation of Bitcoin miners, such as the S21 and T21, performed significantly better than older models in Q2, analysts at Hashrate Index <a href="https://hashrateindex.com/blog/hashrate-index-q2-2024-report-the-new-normal-2/" target="_blank" rel="">say</a>, adding that crypto miners prioritized efficiency to navigate the current challenging market environment. 
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 <img loading="lazy" decoding="async" width="1624" height="1018" src="https://crypto.news/app/uploads/2024/07/jpsdokfopsdkf.png" alt="ASIC market undergoes 'significant repricing,' analysts say - 15"> 
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 ASIC prices | Source: Hashrate Index
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Despite its industry-leading efficiency at launch, the S21 saw a price drop leading up to the <a href="https://crypto.news/5-things-weve-learned-since-the-bitcoin-halving/" target="_blank" rel="noreferrer noopener">halving</a>, indicating it was initially “overpriced,” the analysts say, However, it rebounded during the remainder of the quarter and ended Q2 with only a marginal decline. 
 You might also like: <a href="https://crypto.news/bitcoins-hashrate-plunge-mirrors-2021-china-ban-hashrate-index-says/"> Bitcoin’s hashrate plunge mirrors 2021 China ban, Hashrate Index says </a> 
Hashrate Index points out that Q2 reversed what had been a promising year for Bitcoin’s hashprice. Following a strong Q1, hashprice experienced a significant downturn, hitting an all-time low of $44.43 PH/day in May. Over Q2, Bitcoin’s USD hashprice plummeted 56% to $49.16/PH/day, marking a 53% year-to-date decrease and a 38% year-over-year decline, the analysts say, adding that on a BTC-denominated basis, hashprice fell 68% on a year-to-date basis. 
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 <img loading="lazy" decoding="async" width="1624" height="1018" src="https://crypto.news/app/uploads/2024/07/kuhasjdas.png" alt="ASIC market undergoes 'significant repricing,' analysts say - 16"> 
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 Crypto miner’s performance with AI/HPC vs those without AI/HPC | Source: Hashrate Index
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The analysts also commented on the revenue diversification efforts by several public miners. Despite moves to offer artificial intelligence and high-performance computing services, Q1 data indicates that self-mining remains the dominant revenue stream for public miners. Discussions around the potential of AI and HPC strategies reveal that these businesses currently “make up a fraction of a fraction of overall revenue,” according to the analysts. 
 Read more: <a href="https://crypto.news/bitcoins-hashrate-reached-post-halving-bottom-analysts-say/"> Bitcoin’s hashrate reached post-halving bottom, analysts say </a>

ASIC market undergoes ‘significant repricing,’ analysts say

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