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What Is the Main Factor Determining the Residual Value of a Two-Year-Old ASIC Miner?

The main factor is the miner's power efficiency (Joules per Terahash) relative to the newest models and the current cost of electricity in the secondary market's target region. If the two-year-old miner can still generate a profit in a very low-cost energy environment, it retains residual value.

The current cryptocurrency price and network difficulty also play a significant, volatile role.

How Does the Noise and Heat Output of an ASIC Farm Factor into a Miner’s Operating Costs?
How Can a Miner Use ‘Demand Response’ Programs to Lower Their Effective Electricity Cost?
How Do Hardware Efficiency (Joules/Terahash) and Electricity Costs Affect a Pool’s Breakeven Point?
How Might a Pool Operator Use Futures Contracts to Manage the Cost Volatility of Electricity?