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Bitcoin Mining in Crisis Mode: Bitmain Lowers Prices for Miners
Bitmain, the world's leading manufacturer of mining hardware, has significantly reduced prices for several of its ASIC models, including the Antminer S19 and S21 series. This decision comes as the Bitcoin market faces stagnation and the mining industry grapples with a sharp decline in profitability, with the hash price dropping to approximately $35 per terahash per day, while the economic breakeven point for miners is around $40.
In response to the challenging market conditions, Bitmain is not only offering discounts but also introducing package deals and auction models where miners can propose their desired prices. Notably, even newly launched high-end models, such as the liquid-cooled S21, are being sold at discounts of about seven US dollars per terahash. This price reduction reflects the intense pressure on mining companies, many of which are struggling to operate profitably.
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“Despite their dominant market position, even large Bitcoin mining companies have faced significant stock price declines, with the MARA stock currently at $9.59, approximately 50% below last year's level.”
Overall, the 22 largest publicly traded mining firms are valued at around $53 billion. For Bitcoin investors, the recent decline in hash rate could signal a bullish trend, as historical data from VanEck indicates that Bitcoin has often experienced positive price movements following decreases in computational power.
Key Takeaways:
- Bitmain has lowered prices for its mining hardware due to market challenges.
- The hash price has fallen to approximately $35 per terahash per day.
- Large mining companies are facing significant stock price declines.
Bitcoin Mining at the Zaporizhzhia Nuclear Power Plant: Putin Claims the U.S. Wants to Mine BTC with Ukrainian Nuclear Energy
Recent statements from Russian President Vladimir Putin suggest that the U.S. is interested in utilizing the Zaporizhzhia Nuclear Power Plant for Bitcoin mining. This assertion raises significant geopolitical questions, particularly regarding energy control and economic interests in a highly sensitive conflict zone. The potential use of nuclear energy for mining could set new standards for efficiency and scalability in the industry.
The Zaporizhzhia Nuclear Power Plant, the largest in Europe, has historically supplied about one-fifth of Ukraine's electricity needs. However, since the Russian occupation began in March 2022, the plant has become a focal point of geopolitical tension. With all six reactors currently shut down, the existing infrastructure remains crucial for states with energy-intensive interests, particularly in Bitcoin mining, which requires stable and affordable power sources.
“Putin stated that the U.S. wants to use Europe’s largest nuclear power plant for Bitcoin and crypto mining in ongoing peace negotiations.”
In Ukraine, these claims have been met with strong opposition, with officials labeling them as propaganda aimed at sowing discord among Western allies. President Zelensky emphasized that there is no agreement on the future of the plant, while international organizations have raised concerns about safety risks associated with its potential reactivation.
Key Takeaways:
- Putin claims the U.S. is interested in using the Zaporizhzhia Nuclear Power Plant for Bitcoin mining.
- The plant has been a significant energy source for Ukraine but is currently a geopolitical flashpoint.
- Ukrainian officials have rejected these claims, citing safety and political concerns.
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