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itmain revealed on Tuesday that it is reducing the price of one of its most recent mining rig models, the S19 Pro, to US$19 per terahash (TH), 41% lower than the price index displayed on the mining rig data website Hashrate Index.

A Terahash is a metric unit of computing power on the Bitcoin network. To allow comparisons between different models, cryptocurrency miners are priced in Terahash.

To allow comparison of different models, cryptocurrency miners are valued in Terahash.

According to CoinMarketCap, the value of Bitcoin has dropped by more than 60% so far in 2022. Bitcoin miners are now earning the least amount since November 2020, US$17.9 million per day, according to crypto media Bitcoinist, quoting an Arcane Research report.

As countries impose sanctions on Russia in response to its invasion of Ukraine, Russia's energy output has decreased, raising global energy prices and exacerbating the plight of miners who rely heavily on electricity.

The price index for the best Bitcoin mining models fell by more than 67%, falling from US$101/TH in early 2020 to US$32.71/TH on Thursday.

Nonetheless, the hash rate on the Bitcoin network reached an all-time high in September, indicating that mining competition has reached unprecedented levels.

How will this move affect the current market? Let us know your thoughts by sharing this article on social media.

Posted 
Sep 22, 2022
 in 
Crypto News
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