ASICs’ Prices in 13-Week Freefall

Data from Luxor Mining, a crypto mining analysis, data and hash rate insights provider, shows that last week made it the thirteenth week in a row that prices for ASICs of the three efficiency tiers have been falling. As at April 20, the under 38 joules/TH ASIC tier was at $77.15/TH (-2.5%), the 38-to-68 J/TH tier at $49.08/TH (-2.8), and the over 68 J/TH) tier at $20 (-5%).

Like hashprice, the firm notes in its latest newsletter that they expect the trend to continue and for mining rig prices to trend toward their post-China ban lows last summer.

Bitcoin’s hashprice fell to its value of $0.1779/TH/day (as at the time of writing) from $0.1805/TH/day over the course of the week. Luxor Mining adds that Bitcoin’s price has to pop before the of 2022 so that heightened difficulty and depressed Bitcoin price would not squeeze Bitcoin’s hashprice even more. It states: “Hashprice will likely continue to leak value until it recedes to $0.10/TH/day and/or single digits within the next year or so.”

In a mining-related development, live-streaming, language learning, and social-crypto platform, Hello Pal, last week commenced its cryptocurrency mining operations in Australia. The platform announced in November that it was taking delivery of new miners from Bitmain for its North America operations following the sale of its existing Antminer L3+ mining rigs in China at the time. The company cites the start of the Australian mining facility to be an opportunity to diversify the location of its rigs and enhance its capability to expand its cryptocurrency mining operations over time.

Though it is still uncertain what retail demand for crypto would be like in Australia, the country is set to list its first Bitcoin ETF on the Cboe equities trading exchange on April 27. A 7-day notice period has been given to brokers, clearers, clearing participants, market makers and investors for their preparation as the world’s first Bitcoin and Ethereum ETFs launch in Australia. A $1 billion speculation is expected to flow into the country’s first Bitcoin ETF.

Meanwhile, the Hello Pal platform has launched two 1-on-1 video chatting apps: DogeChat and DoggeChat to further create a synergy between its live streaming and crypto-mining operations. Payments on the DogeChat app would be made in Dogecoin and other cryptocurrencies, while fiat currencies through the Apple and Google Pay systems would be used for DoggeChat.

It also wants to introduce cryptocurrency to more users starting with its over 4 million users. The company is currently exploring the potential to list its common shares on the NASDAQ Capital Market in 2022.