“All units outside of the [Bitmain Antminer] S19 XP [go] into negative gross margin territory,” at above $0.09 kilowatt hour, said Ethan Vera, chief operating officer at mining services firm Luxor Technologies. “If hashprice [the value of 1 terahash/second of computing power per day] trends down we expect it to hit some resistance points as the high cost operators and low-efficiency miners turn off,” he added.