Bitmain, the world's leading manufacturer of Bitcoin mining hardware, has reportedly implemented aggressive price cuts across its entire product lineup. These "distressed sales" target both legacy and flagship models, reflecting a severe economic downturn within the global mining industry.
The Hardware Fire Sale
To clear inventory and support a struggling market, Bitmain has introduced substantial discounts and unusual auction formats:
- Flagship Discounts: Newer models, including the S21 immersion-cooled ASICs, are being offered at discounts as steep as $7 per terahash (TH/s).
- Legacy Liquidation: Older generations like the S19 series are seeing price drops that would have been unthinkable during the market rallies earlier in 2025.
- "Name Your Price" Auctions: In a rare move, some hardware bundles have been auctioned off, allowing large-scale operators to bid at their own valuation to secure equipment.
Economic Breaking Point: The "Hashprice" Crisis
The primary driver behind these cuts is the collapse of hashprice—the expected daily revenue a miner earns per unit of computing power.
- Record Lows: Revenue per terahash has plummeted to nearly $35/TH/s/day.
- The Breakeven Gap: Industry analysts generally consider $40/TH/s/day the survival threshold for most operators. Falling below this mark has forced many firms to shutter machines or pivot their infrastructure toward AI high-performance computing to stay afloat.
A Year of Unmet Expectations
While 2025 was initially forecasted as a breakout year following the 2024 halving, the reality has been far bleaker for the sector:
- The Halving Aftermath: The April 2024 halving cut block rewards to 3.125 BTC, doubling the production cost for every coin mined.
- Price Volatility: After peaking above $126,000 in October, Bitcoin's price crashed to $80,000 in November. It currently sits roughly 7% lower than its starting price on January 1, 2025.
- Compounding Pressures: Rising global energy costs, increased regulatory scrutiny, and supply chain disruptions have created a "perfect storm" that is pushing even the most efficient miners to the limit.
December 2025, Cryptoniteuae