• A latest report revealed that over 6,000 out of date Bitcoin mining machines have been refurbished and resold to miners all over the world.
• Outdated machines are in excessive demand in international locations the place electrical energy costs are low, particularly in African international locations.
• Taras Kulyk, CEO of Sunnyside Digital, agrees that shifting gadgets is a pure transition.

In accordance with a latest Bloomberg report, greater than 6,000 outdated Bitcoin mining gadgets in america might be refreshed and resold to miners all over the world. Amid Bitcoin volatility and expectations for the upcoming Bitcoin halving, this new improvement goals to assist miners revenue in the course of the halving occasion.

The machine will reportedly be refurbished at a warehouse in Colorado Springs. These gadgets had been then resold to miners in numerous international locations, particularly these in international locations with low electrical energy prices, similar to Africa and South America.

Main the cost is Canadian {hardware} dealer and distributor Sunnyside Digital. Sunnyside Digital CEO Taras Kulik acknowledged the transfer as a “pure migration.” He argued that whereas electrical energy is a vital side of Bitcoin mining, it’s common for miners to hunt lower-cost environments, particularly earlier than Bitcoin mining is the mainstream income stream for miners.

Kulyk mentioned he has resold refurbished computer systems to miners in Ethiopia, Tanzania, Paraguay and Uruguay previously few years. “The halving will additional speed up demand,” he added of the elevated demand for such gadgets in the course of the halving.

As a result of Bitcoin halving, the halving reward might be cut up in half, and the following halving scheduled for April 2024 will scale back the present reward of 6.25 to three.125. The halving occasion happens as soon as each 4 years, and Bitcoin miners are ready for it to make a revenue.

Older fashions, such because the S19 sequence, is probably not worthwhile to promote in america. However Jalan Mererud, CEO of Dubai-based Hashlabs Mining, mentioned these computer systems “may make a good revenue and have an extended lifespan if hosted” in elements of Africa. He mentioned it was attainable.

The worth of older S19 computer systems reportedly plummeted from $7,030 in March 2022 to $900 in March 2023. It has fallen once more to almost $427 in March 2024, and miners count on the worth to fall additional.