Bitcoin miners sell off millions worth of mining rigs to stay warm this crypto winter

Kennerdell, Pennsylvania - One major player in the Bitcoin mining game just sold off millions of dollars worth of specialized tech made for getting the digital gold.

The digital gold, Bitcoin, isn't doing so hot right now.
The digital gold, Bitcoin, isn't doing so hot right now.  © Unsplash/Quantitatives

According to PCGamer, Stronghold Digital Mining flogged 26,200 mining rigs to pay off $67.4 million in debt after operating costs and sinking digital currency prices slammed them right in the wallet.

The company kept 16,000 mining machines in the hopes of getting back on the Bitcoin profit train.

After the semiconductor shortage through the worst months of the pandemic caused computer hardware prices to skyrocket, things have calmed down enough to push Stronghold into selling far more of its gear to break even. But since the company plans to stay in the mining game, it is already on the lookout for modern rigs, likely using the massive sell-off as an opportunity to get rid of outdated GPUs and prep for the next spike in Bitcoin prices.

That does assume that there will be another spike, but thanks to Stronghold's other business venture, power plants normally used to power its mining rigs, the company could fall back on selling electricity.

Two coal refuse power plants, the Scrubgrass and Panther Creek plants, are how Stronghold tries to keep its mining costs down, but it would be a major climate win if the company decided to ditch energy-intensive mining and shuttered the fossil fuel plants.

Cover photo: Unsplash/Quantitatives

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