Bitcoin miners wait for refurbished mining equipment

According to a recent Bloomberg report Report , more than 6,000 obsolete Bitcoin mining equipment in the United States will be updated and resold to miners around the world. Bitcoin In anticipation of the upcoming halving, this new development is intended to help mining companies gain profits during the halving event.

The refurbishment of the machines will reportedly take place at a warehouse in Colorado Springs, Colorado. The equipment will then be resold to miners in various countries, particularly in countries with lower electricity costs such as Africa and South America.

The move was led by Canadian hardware trader and distributor Sunnyside Digital. Sunnyside Digital CEO Taras Kulyk admitted that this was a "natural migration." He claimed that while electricity is a key aspect of Bitcoin mining, miners seeking low-cost environments are common, especially before Bitcoin mining, which was the mainstream income for miners.

Kulyk said that in the past few years, he has resold refurbished computers to miners in Ethiopia, Tanzania, Paraguay and Uruguay. Commenting on the increased demand for such equipment during the halving, he added that “the halving accelerated this trend.”

Bitcoin halving, The company splits the halving reward in two, reducing the current 6.25 pounds to 3.125 pounds in the upcoming halving in April 2024. Although the halving event occurs every four years, Bitcoin miners still wait for this event to generate profits.

Older models such as the S19 series may not be profitable to run in the U.S. However, Jaran Mellerud, CEO of Dubai-based Hashlabs Mining, said the computers could “generate significant profits and extend their lifespan” if hosted in parts of Africa.

The price of older S19 computers reportedly plummeted from $7,030 in March 2022 to $900 in March 2023. In March 2024, the price fell again to nearly $427, and miners expect prices to fall further.