MegaBigPower intends to acquire more hashing power, possibly as much as 10 megawatts worth, through a program to purchase pre-owned ASIC miners. Under the buyback program, the Wenatchee-based bitcoin mining company will purchase certain types of hardware, with a preference for miners from Bitmain and Spondoolies-Tech.
Dave Carlson, Founder of MegaBigPower, views the program as an easier alternative for miners looking to sell their equipment online. He was quoted by CoinDesk saying, “Due to our extremely low power cost, we can still return funds to miners who may have gotten in just before the market fell. Going this route is a lot less hassle than trying to sell on eBay or Craigslist.”
Difficult Times for Miners
Bitcoin miners throughout the world are having to tighten their belts due to three challenging factors: falling revenues, growing costs, and rising network difficulty. Hardware purchases have reportedly plunged, and difficult conditions as a whole have resulted in a number of bankruptcies.
Carlson stated that some types of hardware, including HashFast and Butterfly Labs ASICs, as well as independently designed mining rigs, will not be accepted, as will any machine incapable of being underclocked. “We are not familiar with all the products out there, but we are willing to look at what people have,” he said.
Interested parties should submit an online form on the company’s website, after which time MegaBigPower will review the submission and make an offer if applicable. Shipments, Carlson explained, take place after an offer has been made and a purchase agreement between the prospective seller and MegaBigPower is signed.
Sellers will also recoup shipping costs, Carlson said. He added that he hoped the program would enable some former miners the chance to recoup losses they may have experienced as the price of bitcoin fell and profitability dwindled as a result. “I’m hoping this program will keep enthusiasts and investors involved with bitcoin on a positive note and not leave them feeling burned,” said Carlson.