The US-based Bitcoin mining giant MegaBigPower has announced on its official website (www.megabigpower.com) that it will launch a buyback program where unprofitable Bitcoin miners can sell their hardware. The company plans to boost its mining power by as much as 10 megawatts by buying pre-owned ASICs.
Under the buyback program, the manufacturer of cutting edge mining hardware will be particularly interested in models sold by mining manufacturers Spondoolies-Tech and Bitmain.
The buyback was a simple alternative for the miners who were struggling to make profits in the extremely competitive Bitcoin mining industry and were finding it tough to sell their hardware online, said Dave Carlson, founder of MegaBigPower. The crash in the Bitcoin price has also contributed significantly to the declining popularity of Bitcoin mining. Adding to the miners’ worries is the fact that the complexity of the network increases as more Bitcoins are mined.
While clarifying that the company will not be accepting particular types of hardware, including HashFast and Butterfly Labs ASICs, as well as independently designed mining rigs, Dave said that the company was interested in looking at what people have to offer.
The company has posted an online application form on its website, and interested parties will have to submit details about the kind of gear they were to offer. Upon review, the company will contact the seller and will pay the shipping costs of the gear if a mutual agreement is reached. The company expects its program to give the maximum possible return of the hardware.
“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.
The company, founded in 2012, is one of the largest single-operator mines in the world and consistently strives to push ASIC-based mining technology to the market.