MegaBigPower Opens Buyback for Unprofitable Bitcoin Miners

US-based bitcoin mining company MegaBigPower is launching a hardware buyback program that aims to help miners struggling with unprofitable rigs.

Mar 4, 2015 at 8:51 p.m. UTC
Updated Sep 11, 2021 at 11:35 a.m. UTC

MegaBigPower has announced that it will begin purchasing preowned bitcoin mining ASICs as part of a plan to acquire as much as 10 megawatts worth of hardware.

Under the buyback program, the US-based bitcoin mining company will purchase certain types of hardware, with an emphasis on models sold by mining manufacturers Spondoolies-Tech and Bitmain.

Founder Dave Carlson framed the program as a simpler alternative for miners looking to sell their equipment online, telling CoinDesk:

“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.”

The buyback program comes amid a difficult environment for those in the mining space owing to the combination of falling revenues, growing costs and a rising network difficulty.

Hardware purchases have reportedly plunged, and bad conditions as a whole have resulted in a number of bankruptcies.

ASIC acquisitions

Carlson noted 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 MBP 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 MBP 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.

Image via Shutterstock

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