In anticipation of the upcoming Bitcoin (BTC) halving event, thousands of outdated Bitcoin mining machines in the United States are being prepared to be shipped overseas.
SunnySide Digital, a wholesaler in the cryptocurrency mining industry, is shipping approximately 6,000 older Bitcoin mining machines to a warehouse it operates in Colorado Springs, Bloomberg reported.
The company plans to refurbish and resell the machines to overseas buyers, particularly in areas with lower energy costs.
SunnySide Digital CEO Taras Kulyk said the decision was a natural reaction to the halving event. Buyers are looking for places where electricity bills are minimized. Countries such as Ethiopia, Tanzania, Paraguay and Uruguay are becoming key players in the global mining landscape due to their favorable energy costs.
Luxor Technology data shows that approximately 600,000 Antminer S19 series mining machines, which account for a large portion of current Bitcoin mining hardware, will be moved out of the United States, mainly to Africa and South America.
Price fluctuations and equipment upgrades
The halving event was set by Bitcoin's anonymous creator Satoshi Nakamoto in its protocol to control the total supply of Bitcoin by halving mining rewards approximately every four years. With rewards dropping from the current 6.25 Bitcoins to 3.125 Bitcoins, miners are under pressure to optimize their operations.
Despite the challenges posed by the halving, Bitcoin has seen significant growth in value and is currently priced at $66,823, albeit down from the recent all-time high of $73,750 reached on March 14.
Analysts such as Michael van de Poppe described this correction as a pre-halving peak and predicted that the cryptocurrency could reach new highs.
However, continuing to use outdated equipment could result in electricity costs exceeding mining revenue, necessitating a move to more efficient hardware.
In response to these dynamics, some mining companies are strategically moving their business operations to areas with lower electricity costs. Nuo Xu, a miner who owns mines in Texas, is looking for opportunities in Ethiopia, Nigeria and other countries, attracted by the prospect of lower administrative costs.
While some equipment remains in the United States due to logistical and shareholder considerations, many mining companies are investing heavily in new hardware.
Major players in the industry have collectively ordered over $1 billion worth of machines since February 2023, demonstrating their commitment to adapting to the changing Bitcoin mining environment. #比特币挖矿 #设备出海
