Bitmain is sharply lowering prices across a wide range of Bitcoin mining hardware, signaling growing stress in the ASIC market as miner profitability remains compressed.
Recent promotions, bundled offers, and updated factory price lists indicate that both older S19 models and newer S21 machines are now being sold at levels that would have been considered distressed earlier in the cycle.
The discounts emerged in late December as hashprice stayed near multi-year lows, reflecting the combined impact of near-record network hashrate and softer Bitcoin prices. With margins under pressure, demand for new hardware has weakened, forcing manufacturers to compete more aggressively on price.
One of the most striking offers surfaced on December 23, when Bitmain marketed a package combining four S19 XP+ Hydro units with an ANTRACK V2 container. The deal implied a unit cost of roughly $4 per terahash per second (TH/s) for the 19 J/TH machines, with shipments expected to begin in January 2026.
Earlier in November, Bitmain tested a different pricing strategy by running an auction-style sale for the air-cooled S19k Pro, a 23 J/TH model. The sale opened at $5.5/TH/s, allowing buyers to submit their own bids. Final prices were set after the bidding window closed, with deliveries scheduled for December 2025.
Internal factory price lists circulated to customers suggest these promotions are not isolated. As of December 22, Bitmain was quoting prices as low as $3/TH/s for S19e XP Hydro and 3U S19 XP Hydro units, while S19 XP+ Hydro machines were offered around $4/TH/s.
Even current-generation hardware has not been spared. S21 Immersion units were listed near $7/TH/s, and S21+ Hydro models around $8/TH/s before applying coupons, underscoring the breadth of the price reset.
Alongside hardware discounts, Bitmain has been promoting hosting services as part of bundled offerings. Power rates shared with customers generally range from 5.5 to 7 cents per kilowatt-hour, with locations spanning the U.S., Kazakhstan, Brazil, Paraguay, and Ethiopia. An additional management fee of roughly 0.3 cents per kWh applies.
The combined hardware-and-hosting approach suggests Bitmain is leaning on integrated solutions to accelerate inventory turnover, especially as standalone hardware sales slow.
The aggressive pricing reflects broader conditions across the mining sector. Network hashrate remains close to all-time highs, while Bitcoin’s price pullback has kept hashprice depressed. This combination has squeezed miner cash flows, dampened appetite for new equipment, and intensified competition among ASIC manufacturers and secondary-market sellers.
Bitmain has not indicated how long the discounts will remain in place. However, the scale and consistency of the cuts suggest the company is prioritizing volume and inventory clearance as mining economics remain challenging heading into 2026.
