About 6 000 older Bitcoin mining machines in the US will soon be idled and sent to a warehouse in Colorado Springs where they’ll be refreshed and resold to buyers overseas looking to profit from mining in lower-cost environs.
Some 600 000 S19 series computers, which account for a majority of machines currently in use, are moving out of the US mostly to Africa and South America, according to an estimate by Ethan Vera, chief operating officer at crypto-mining services and logistics provider Luxor Technology in Seattle. While S19 series and similar models might not be profitable to run in the US after the halving, they “can still generate decent profits and get an extended life if hosted” in parts of Africa, said Jaran Mellerud, CEO at Dubai-based Hashlabs Mining, which leases data center space in Ethiopia and provides hosting services to Bitcoin miners.
“There are more risks for my machines in Africa but I have to move them there,” he said. “Cheaper electricity outside the US means it will take a much shorter time to recover the overhead costs,” with labor and building materials also much less expensive, he said. Not all US-based equipment leaves the country. That process can be tougher for publicly traded companies because they have to take risk-averse shareholders into account. There’s also some hesitation to relocate machines abroad due to transportation costs, breakage and security concerns.
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