MegaBigPower announces buyback of bitcoin mining ASICs

MegaBigPower, the US-based bitcoin mining company, announced recently that it will start its buyback program of previously owned bitcoin mining ASICs to get hold of around 10 megawatts worth of hardware.

The company plans to buy specific types of hardware, particularly the ones sold by mining manufacturers Spondoolies-Tech and Bitmain. The program comes at a time when falling revenues and rising costs have created a difficult environment for those involved in mining. Hardware purchases have dropped and overall bad conditions have resulted in a number of bankruptcies.

"I'm hoping this program will keep enthusiasts and investors involved with bitcoin on a positive note and not leave them feeling burned," said Founder Dave Carlson in conversation with CoinDesk.