As the much-anticipated Bitcoin halving event looms in late April, a migration of outdated mining equipment from the United States to regions offering cheaper electricity is underway., approximately 6,000 aging Bitcoin mining machines are set to be decommissioned in the U.S., with plans to refurbish and resell overseas, particularly in areas with lower energy costs.
Wholesaler SunnySide Digital is at the forefront of this movement, operating a 35,000-square-foot facility in Colorado Springs. The company is refurbishing and reselling the aging equipment to overseas buyers keen to capitalize on mining in more cost-effective environments. They expect to receive and revamp several hundred thousand units around the Bitcoin halving time.the mining reward from 6.25 to 3.125 Bitcoin.
“It’s a natural migration,” remarked Taras Kulyk, CEO of SunnySide Digital, noting that purchasers of outdated machines gravitate towards regions with the most affordable power. Kulyk, who has facilitated the sale of U.S. computers to miners in nations like Ethiopia, Tanzania, Paraguay, and Uruguay, emphasized that this trend is being expedited by the impending halving event.
Notably, not all U.S.-based equipment will leave the country. Publicly traded companies like Bit Digital opt to retain older equipment, leveraging them during periods of high Bitcoin prices to generate profits. In preparation for the halving, miners globally are investing in new hardware. TheMinerMag, a crypto-mining researcher, reports that major public Bitcoin-mining companies have collectively ordered over $1 billion worth of machines since February 2023.One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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