Lumerin, a decentralized hashpower marketplace, is set to launch on September 26th on the Arbitrum One network following a rigorous testnet period.
The platform will provide Web3 users with global access to Bitcoin mining hashpower, allowing them to buy and sell mining capacity frictionlessly and non-miners to participate in the Bitcoin mining ecosystem.
Under the hood, the Lumerin Hashpower Marketplace offers a platform for miners to sell their hashrate through smart contracts, specifying the hashrate amount, duration, and price. This helps improve business predictability and reduces risk by allowing them to set fixed prices for steady earnings.
On the other hand, miners can utilize the marketplace to purchase hashpower from fellow miners, enhancing their chances of earning bitcoin rewards without the need to invest in rapidly depreciating equipment. Buyers can easily explore and choose contracts that meet their requirements, all while engaging in direct, trustless transactions and making real-time payments as contracts are fulfilled.
Founder Ryan Condron explained the potential impact of the Lumerin Hashpower Marketplace’s launch: “Today marks a milestone in our journey to re-democratize mining,” says Condron. “With the Lumerin Hashpower Marketplace now live, we are starting to restore the decentralization of the Bitcoin mining landscape by providing a direct, accessible path for everyone to be part of the mining ecosystem.”
Launching on the Arbitrum One network helps improve user experience by providing faster transactions, lower gas fees, and an overall seamless process, making it more accessible and attractive to a broader audience.
Meanwhile, the Lumerin marketplace offers predictability to revenue streams for both sellers and buyers. Additionally, miners located in regions with low electricity costs can profit by arbitraging these below-average prices through selling hashrate contracts at market prices and pocketing the difference.
This business model opens up opportunities for users to mine bitcoin without requiring highly specialized knowledge, expensive hardware investments, or long-term commitments. With the Lumerin Wallet and documentation, users can easily purchase hashpower contracts, direct that hashpower to their chosen pool, and directly earn mining revenue.
Read More: Lumerin launches P2P marketplace for BTC mining capacity