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F2Pool predicts: Bitcoin miner prices will continue to fall



 The price of cryptocurrency mining hardware is likely to fall further in the near term due to the current crypto winter, according to an executive at major Bitcoin ( BTC ) mining pool F2Pool.


F2Pool is one of the largest bitcoin mining pools in the world with a 14.3 percent stake in the BTC network. On Tuesday , F2Pool released a new update about the mining industry.


F2Pool's June 2022 BTC mining results report states that most bitcoin mining companies such as Core Scientific have been gradually selling their mined bitcoins to do this lately .


Bitfarms, a major Canadian BTC mining firm, sold 3,000 bitcoins , or nearly 50 percent of its total BTC holdings, for $62 million to reduce its credit line in June.


"I investigated nearly 10 publicly traded industrial miners and found that they all openly say they sell their mined bitcoin," said Lisa Liu, director of global business development at F2Pool, in the report. She added the proceeds would be used to fund operating expenses and raise capital and reduce commitments on facility loan agreements.


Liu further explained that few publicly traded mining companies claimed they would stick to their proven HODL strategy . These include companies like Marathon, Hut 8 and Hive Blockchain Technologies. "Hive in particular, surprisingly, has no significant debt, nor does it have funding for ASIC and GPU equipment," she added.


It was also said that the price of ASICs had fallen sharply in recent months. By early June, prices for top- and mid-range ASIC miners, ranging from $10,000 to $18,000, are said to have fallen 70 percent from their all-time highs .


At the time of writing, Bitmain's flagship Antminer S19 Pro is selling between $4,000 and $7,000 used on Amazon . A new device apparently still sells for over $11,000.


ASIC prices will continue to fall. That could result in many new miners exiting mining, as Liu predicts:


"I think ASIC prices will continue to fall, although they are already down sharply from their highs. If facility owners cannot organize power and capacity at a competitive price, many newcomers who have been into the hash for the past year will - jumped on the train, probably jump off again."

Liu stressed that such a situation would be the "worst case scenario" as F2Pool wants "every miner to get through this cold winter".

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