US Bitcoin Miners Offload Old Machines Overseas Ahead of Halving Reward Drop

• About 6,000 older Bitcoin mining machines in the US will be idled and sent to a warehouse in Colorado before being resold overseas where electricity is cheaper

• The "halving" event in April will cut Bitcoin mining rewards in half, prompting miners to upgrade equipment to cut electricity costs

• Older mining machines from the US are being sold to buyers in countries like Ethiopia, Tanzania, and Paraguay where profits can still be made

• Some US miners are opting to transfer hardware to regions with cheaper electricity rather than sell, with countries like Ethiopia emerging as crypto mining destinations

• Major US Bitcoin mining companies have invested over $1 billion in new machines ahead of the halving to maintain profitability after the reward drop