Bitmain Partially Refunds Bitcoin Miner Buyers After Price Cuts

Bitmain said Tuesday that buyers of its AntMiner S17+ and T17+ devices with delivery dates between mid-February and the end of April will receive coupons worth from $17 to $272 per unit – a move that reflects the lasting impact of last month’s crash in bitcoin prices and the expected mining revenue drop due to bitcoin’s halving event in May.

Beijing-based Bitmain is handing out cash coupons to compensate customers who ordered its latest bitcoin mining machines ahead of recent price markdowns.

For instance, for buyers that received their AntMiner S17+ pre-orders in late March, Bitmain will compensate them with coupons worth around $240 per unit. For those who have received or will receive their AntMiner S17+ throughout April, the partial refund will be around $270.

The coupons, which can only be used when purchasing additional goods at Bitmain, also signal tougher market conditions for the sales of mining equipment currently – a factor likely to decrease Bitmain’s revenue and increase liabilities on its balance sheet.

For context, Bitmain typically sells its newest miners based on a pre-order model, with customers paying full retail price upfront for a delivery that will take place usually two or three months later.

As such, those who received their AntMiner S17+ delivery in early April might have originally paid well above the current price of the device. All miner manufacturers have been marking down their prices following the March 12 crash and with the halving arriving soon.

As an example, Bitmain was advertising a price of $1,567 per unit for the AntMiner S17+ earlier this month (although some resellers at the time were already quoting a price of around $1,300). The firm has now adjusted the official price on its website to $1,320, representing a 15.7-percent markdown.

Bitmain Launches Two New S17 Bitcoin ASIC Miners Today

Leading mining Application Specific Integrated Circuit (ASIC) producer Bitmain announced two new S17 miners in a press release shared with Cointelegraph.

The two new mining ASICs, namely the S17e and the T17e, will both be launched on Sept. 9. The company claims that both the new models feature improvements, which should translate to higher efficiency, more stable operation and more longevity.

ASIC specifications released

Bitmain also released the specifications of both the newly announced mining machines. The S17e has a hash rate of 64 TH/s and operates with a power efficiency of 45 J/TH, while the T17e offers a hash rate of 53 TH/s and a power efficiency of 55 J/TH.

Both the S17e and the T17e feature a dual tube heat dissipation system, which reportedly improves how efficiently the machines can dissipate heat. This should enhance the longevity of the hardware and its stability.

Furthermore, Bitmain also claims that the software embedded into the two new ASICs has higher cybersecurity standards to prevent malicious attacks.

Sale and delivery times

The S17e and T17e will be released in three batches. The first batch will be available for sale on Sept. 9, 19:00 GMT+8, and expected to b e delivered in the first 10 days of November. The second batch will be sold on the same hour of the next day and will be delivered in the period starting on Nov. 11 and ending on Nov. 20.

The third last batch will be sold at the same time on Sept. 11, and its delivery is scheduled for the period starting on Nov. 21 and ending on Nov. 30.

As Cointelegraph reported in August, Bitmain will reportedly increase its capacity by 50% in the next six months on the back of a giant hardware order.

Delay compensation program announced

The company also announced a delivery delay compensation. As part of this new initiative, customers whose deliveries are delayed will be compensated by Bitmain with coupons for each day of delay. The compensation is based on pay per share rewards of the mining pool, with the electricity cost deduced.

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