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.
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“It’s a natural migration” with buyers of the old machines operating in parts of the world where power is the cheapest, said SunnySide Digital Chief Executive Officer Taras Kulyk, who has resold US computers to miners in countries such as Ethiopia, Tanzania, Paraguay and Uruguay. “This is accelerated by the halving.”
While S19 series and similar models might not be profitable to run in the US after the halving, they “can still generate decent profits and get an extended life if hosted” in parts of Africa, said Jaran Mellerud, CEO at Dubai-based Hashlabs Mining, which leases data center space in Ethiopia and provides hosting services to Bitcoin miners.
Electricity itself is about 3 cents per kWh in Ethiopia, according to Hiwot Eshetu, marketing and business development director at Ethiopian Electric Power. In the US, the range is about 3 cents to 6 cents, based on estimates from Luxor.
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