Due to the protracted crypto winter, many mining companies are forced to sell equipment at the lowest price in order to cover losses and not go bankrupt. As a result, the prices of some devices have fallen by almost 80%.

Mining equipment in November of this year can be bought for $24 per 100 tera hashes. A year ago, this figure was almost 5 times higher and amounted to $106.

Even the largest brands, Argo Blockchain and Core Scientific, are on the verge of bankruptcy. Their work is affected by the floating rate of BTC, rising electricity tariffs and hashrate.

The availability of loans exacerbates the problem. For example, Argo's recent massive bitcoin selloff was necessary for the company to repay a loan, provided by Galaxy Digital.

Previously, news appeared that experts conducted a study and found that energy consumption during mining is growing rapidly.