Old Bitcoin miners to flood second-hand market as halving looms

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Several hundred thousand US-based Bitcoin mining computers will be refurbished and sold abroad due to their foreseen inefficiency surrounding the upcoming halving event in mid-April.

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.

Known as the halving, the late April event will slash the reward that’s the main revenue stream for miners, who will try to lessen the impact by upgrading to the latest and most efficient technology. In Bitcoin mining, specialised machines are used to validate transactions on the blockchain and earn operators a fixed token reward.

Bringing more efficient machines online has become more urgent with the halving just weeks away, as continued use of older equipment could mean electricity costs will be close to or exceed mining revenue. The price dropped dramatically a year later to about $900 as Bitcoin prices sank, then to about $427 this month and is estimated to sell for about $356 in May, after the halving.

There’s also some hesitation in relocating machines abroad due to transportation costs, breakage, and security concerns.

 

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