Bitcoin ‘Halving' Spurs Exodus of Old US Mining Computers Abroad [BNN Bloomberg (Canada)]
Bit Digital, Inc. - Ordinary Share (BTBT)
Company Research
Source: BNN Bloomberg
refreshed and resold to buyers overseas looking to profit from mining in lower-cost environs. Wholesaler SunnySide Digital operates the 35,000 square-foot facility taking in the equipment from a mining client. The outdated machines are among several hundred-thousand it expects to receive and refurbish around a major quadrennial update in the Bitcoin blockchain. 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. With electricity the biggest expense, mining companies including publicly traded giants Marathon Digital Holdings Inc. and Riot Platforms Inc. need to lower usage costs to maintain a positive margin. Their older computers may still bring a profit, just not likely in the US. “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 Execu
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BTBT
Sec Filings
- 4/5/24 - Form EFFECT
- 3/25/24 - Form POS
- 3/21/24 - Form RW
- BTBT's page on the SEC website