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Quick Take

• Apart from declining profitability, mining companies are also bleeding on the equipment front as ASIC miner value depreciates.
• Meanwhile, the hefty remaining equipment payables have started to cause some companies to step back from previous expansion plans.
• Mining companies’ spendings on property, plant and equipment have already slowed down over 22’Q1 compared to 21’Q4.
• In this piece, we take a further look at the current state of the bitcoin ASIC miner marketplace.

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