Bitcoin mining firms ship equipment overseas ahead of halving

Bitcoin mining firms in the US are shipping thousands of outdated mining machines overseas ahead of the upcoming halving event. SunnySide Digital, a wholesaler in the crypto mining industry, is refurbishing and reselling approximately 6,000 older Bitcoin mining machines to buyers in regions with cheaper energy costs, such as Ethiopia, Tanzania, Paraguay, and Uruguay. Luxor Technology data shows that around 600,000 Antminer S19 series mining rigs will be relocated out of the US, primarily to Africa and South America. The halving event, which reduces the mining reward by half every four years, is putting pressure on miners to optimize their operations. As Bitcoin’s value continues to grow, mining firms are strategically relocating to regions with lower electricity costs. Despite logistical considerations, many mining companies are also investing heavily in new hardware, with over $1 billion worth of machines ordered since February 2023.