- A latest report reveals that greater than 6,000 outdated Bitcoin mining machines are being refurbished and resold to miners in varied international locations.
- Older machines are in excessive demand in international locations with decrease electrical energy prices, particularly in African international locations.
- Sunnyside Digital CEO Taras Kulyk acknowledges gadget motion as a pure migration.
In accordance with a latest Bloomberg report, greater than 6,000 out of date Bitcoin mining rigs in the US shall be refurbished and bought to miners world wide. Amid Bitcoin volatility and anticipation of the upcoming Bitcoin halving, a brand new improvement is meant to assist miners revenue throughout the halving occasion.
The renovation of the machines would reportedly happen in a warehouse in Colorado Springs. Later, these units could be resold to miners in varied international locations, particularly in international locations with decrease electrical energy prices resembling Africa and South America.
The transfer is being led by Sunnyside Digital, a {hardware} service provider and distributor in Canada. Taras Kulyk, CEO of Sunnyside Digital, acknowledged the matter as a “pure migration”. He argued that whereas electrical energy is an important facet of bitcoin mining, miners searching for a less expensive atmosphere are frequent, particularly earlier than mining bitcoins, which is the principle earnings of miners.
Kulyk stated he has bought refurbished computer systems to miners in Ethiopia, Tanzania, Paraguay and Uruguay up to now few years. Commenting on elevated demand for such units throughout the halving interval, he added: “That is accelerated by the halving.”
The Bitcoin halving, which splits the halving reward in half, reduces the present reward from 6.25 to three.125 within the upcoming halving, which is scheduled for April 2024. Whereas the halving occurs as soon as each 4 years, Bitcoin miners watch for the occasion to usher in earnings.
Older fashions just like the S19 sequence is probably not worthwhile to run within the US. Nonetheless, Jaran Mellerud, CEO of Dubai-based Hashlabs Mining, stated these computer systems can “generate first rate earnings and get an prolonged lifespan if they’re hosted” in elements of Africa.
The value of older S19 computer systems reportedly fell from $7,030 in March 2022 to $900 in March 2023. It dropped once more to almost $427 in March 2024, and miners anticipate the value to drop additional.
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