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Bitmain's S19 miners, once selling for $10,000, are now valued at around $50, making new hardware sales slow and potentially leading to a glut of machines on the market at scrap prices.
Bitcoin mining efficiency is crucial for the system's viability. Bennett cites Bitmain's S23 liquid-cooled miner at 9.5 joules per terahash, expecting efficiency to continue improving towards 1 or 0.5 joules per terahash.
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