Bitcoin Mining Firms Prepare for Halving with Equipment Exodus
In anticipation of the upcoming Bitcoin halving event, thousands of outdated Bitcoin mining machines in the U.S. are being shipped abroad to regions with cheaper energy costs, such as Africa and South America. The halving, which reduces the mining reward by half approximately every four years, has put pressure on miners to optimize their operations. Despite Bitcoin's recent price correction from its all-time high, analysts predict the cryptocurrency could hit new peaks. Some mining firms are strategically relocating to areas with lower electricity costs, while others are investing heavily in new, more efficient hardware, with over $1 billion worth of machines ordered since February 2023.