Bitmain is chopping prices across multiple Antminer generations, with factory quotes sinking as low as $3 per terahash for older hydro units and $7–$8 for S21-series rigs, according to internal price lists obtained by TheMinerMag. The push comes as Bitcoin trades around $87,000–$89,000 on Friday, roughly 30% below its October peak near $126,000 even while network hashrate hovers close to a zettahash.
From auctions to across-the-board discounts
The latest cuts cap a two-month campaign where Bitmain shifted from one-off auctions to sweeping markdowns on both legacy S19s and current S21-series hardware. In November the firm opened a public auction for Antminer S19k Pro units with a starting bid of $5.5 per TH/s and a ‘name your price’ format, as detailed by TheMinerMag and a promotion on its X account surfaced by TwStalker. Shipments for that batch are slated for December 2025.
By late December Bitmain went further. Internal factory price sheets emailed to customers and reviewed by TheMinerMag show S19e XP Hydro and 3U S19 XP Hydro units quoted at $3 per TH/s, with S19 XP+ Hydro at $4 per TH/s. Even the newer S21 line is now in the single digits per TH: S21 Immersion rigs around $7 per TH/s and S21+ Hydro machines near $8 per TH/s before coupons.
Those levels represent a deep reset from 2024 and early 2025 contract pricing. Texas-based Cipher Mining, for example, agreed to pay $14 per TH/s for T21s and later $19 per TH/s for S21 Pro units in a preorder disclosed in SEC filings and parsed by TheMinerMag, while an amended option valued S21XP hashpower around $21.4 per TH/s a month later.
Bitmain is also leaning on bundled deals to clear inventory. In a recent promotion highlighted on TwStalker, the company advertised one ANTRACK V2 cooling unit plus four Antminer S19 XP+ Hydro miners for $10,576, implying roughly $4 per TH/s for the 19 J/TH hydro units. Earlier packages paired an ANTRACK V1 with S21e Hydro miners at about $7.5 per TH/s.
“New package sale: one ANTRACK plus four Antminer S19 XP+ Hydro at roughly $4 per TH/s,” Bitmain wrote in a late-November X promotion.
At the retail aggregator level, sites tracking Bitmain hardware such as eBitmain still list an Antminer S21 Immersion (300 TH/s) at $2,550, or about $8.50 per TH/s, and an S21 Pro (234 TH/s) at $1,989, around $8.50 per TH/s as well. The internal factory quotes reported by TheMinerMag slide even below those already-reduced sticker prices for bulk buyers.
Hashprice stuck near the floor while hashrate stays at record scale
The discounting tracks a brutal revenue environment for miners. Hashrate Index data cited by both TheMinerMag and Cointelegraph shows Bitcoin hashprice near multi-year lows in December. A weekly report from mining firm NHASH, which pulls the same Hashrate Index series, pegged hashprice at $36.47 per PH/s per day on December 19 after a slide from $39.49 earlier in the week, with the low for that window at $36.25 per PH/s per day as network hashrate stayed around 1.03 ZH/s and difficulty sat near 148 T.
That squeeze has persisted even with spot BTC still near record territory. CoinMarketCap data shows Bitcoin at roughly $87,000–$89,000 on December 26, with the all-time high at $126,198 on October 6. Yet hashrate continued to expand after the April 2024 halving, which cut block subsidies to 3.125 BTC and pushed hashprice below $50 per PH/s per day by mid-2024 according to earlier MinerMag analysis. NHASH’s latest report shows the network oscillating between roughly 833 EH/s and 1.24 ZH/s in mid-December and closing the week near 1.03 ZH/s.
The result is classic late-cycle stress. Many S19-class air-cooled rigs now show negative daily profitability at standard power prices on both Bitmain-focused trackers like eBitmain and competitor aggregators such as WhatsMinerMicroBT, which list a string of legacy models with red daily profit estimates. With few buyers willing to absorb older gear that cannot pay for its own power, manufacturers face inventory overhang even as top-tier fleets race to deploy the most efficient hardware available.
Competitors and hosting offers feel the pressure
Bitmain’s new factory price points reset the reference curve for per-TH pricing. MicroBT-focused marketplace WhatsMinerMicroBT currently shows a WhatsMiner M66S++ at $3,577 for 356 TH/s, around $10 per TH/s, and a M60S++ at $2,109 for 226 TH/s, roughly $9 per TH/s. That sits well above Bitmain’s newly quoted $7–$8 range for S21 immersion and hydro units, and far above the $3–$4 levels on discounted S19 hydros.
Canaan is holding higher list prices on its new Avalon Q home miner. The company’s official shop prices the 90 TH/s, 18.6 J/TH Avalon Q at $1,888, or about $21 per TH/s, with third-party resellers quoting it between roughly $1,300 and $1,800. That home-focused form factor targets a different buyer base, yet it still illustrates how far Bitmain has pushed industrial pricing below many rival offerings.
Bitmain is also using power to sweeten the deals. The internal email described in TheMinerMag paired hardware quotes with hosting rates between 5.5 and 7 cents per kilowatt-hour across sites in the United States, Kazakhstan, Brazil, Paraguay and Ethiopia, plus a 0.3 cent management fee. Bundling miners with relatively cheap, managed hosting gives Bitmain a way to offload rigs directly into its own or partner facilities rather than waiting for independent operators to pull the trigger.
At the same time, the company is leaning into more flexible sale formats. Its November S19k Pro auction invited buyers to name their own price, with a floor at $5.5 per TH/s and clearing prices set after a one-week bidding window. That structure signaled a willingness to accept market-driven discounts on mid-generation gear that still sat above scrap value but below what manufacturers charged even a year earlier.
Hashprice data suggests the margin stress will not ease quickly. NHASH’s December report notes that Bitcoin fees contributed just 0.61% of miner revenue over the week ending December 19, with average prices near $85,659 and a seven-day network hashrate around 1,045 EH/s. That mix keeps revenue per unit of hashpower thin even with BTC near $90,000.
Bitmain has not said how long its current price sheets will stay in place. The scale of the cuts and the shift toward bundled hosting and bidding formats show that the world’s largest ASIC vendor is prioritizing inventory turnover in a market where many miners already run close to cash breakeven.
