A new way to mine Bitcoin is possible
It’s About Time Bitcoin Mining Felt Less Like Mining
Especially in today’s market, hashrate should be fluid, tradable, and accessible
Every true bitcoiner has considered mining at some point. However, few end up actually doing it. The high initial capex requirements, the extensive technical knowledge, the limitations on space, and the time-consuming infrastructure management are the most common reasons beginners are discouraged from providing security to the Bitcoin network.
Furthermore, many aspiring miners don’t have access to low electricity costs, making it hard for them to turn a profit. This situation becomes virtually impossible during bear markets.
This makes mining an exclusive, inaccessible process for thousands of bitcoiners worldwide.
At Lumerin, we’ve dedicated ourselves to advancing the utility and, especially, the accessibility of Bitcoin mining through the decentralized trading of hashpower. We do this via hashpower contracts.
Here’s why this matters to both experienced miners and those who felt that participation in mining was out of reach.
No long-term commitments or hardware risks
One of the most discouraging aspects of mining is having to acquire expensive and advanced hardware. With new models coming out to the market every year, these machines not only become obsolete fast, but also lose resale value.
Additionally, the return on investment takes months to years for most ASIC miners. Many beginners are unsure about committing for such a long time, as there are a lot of factors that could impact profitability, resulting in running inefficient machines at a loss.
Hashpower contracts provide an opportunity for these miners. They allow them to actively mine Bitcoin without assuming any hardware-related risks and greatly reducing capex spend.
With a web3 wallet and LMR tokens, anyone can mine Bitcoin through the Lumerin Hashpower Marketplace for as little as 12 hours, dip their toe in the water, and explore Bitcoin mining for the first time without the operational risks.
No technical knowledge required
Bitcoin mining demands very extensive, specific technical knowledge and expertise that could be overwhelming to beginners. This includes:
- Hardware setup, maintenance, and cleaning;
- electricity infrastructure and circuitry; and
- cooling system setups.
On the other hand, when you acquire a hashpower contract through the Lumerin Marketplace, the miner is already taking care of all the above burdens for you. All you need is to give them your pool account information so they can reroute that hashrate to the appropriate address. That’s it.
As a result, hashpower contracts are win-win: experienced miners get rewarded with a premium for their expertise and work in setting up and maintaining their hardware and infrastructure. At the same time, beginners can get started with mining easily.
No space? No problem!
A recurrent problem for domestic miners that is often overlooked is availability of space to run the miners, cooling systems, and any other hardware necessary. Furthermore, those who do enjoy the necessary space have to endure the significant noise these machines produce in their homes, buildings, and communities.
While many miners have come up with innovative solutions to integrate mining equipment into their home infrastructure — like using ASICs as space or water heaters — these alternatives are often cumbersome to arrange.
Lumerin hashpower contracts completely eliminate the need for physical space to mine, as the ASICs producing the hashrate are located on a remote facility.
Accessible for anyone, anywhere
Depending on your region, mining hardware may be difficult to acquire. From supply availability to shipping costs and delays, there are several factors that exclude people from participating in the mining process.
The Lumerin Hashpower Marketplace admits everyone and anyone, allowing them to mine Bitcoin regardless of their location and access to hardware or any other assets.
As long as they have access to an internet connection, they can use the Lumerin Hashpower Marketplace to start mining Bitcoin whenever they want.
Individuals from regions like Latin America or Africa — who have the hardest time to acquire all the necessary elements for mining — can now take part in the process of securing the most decentralized and robust monetary network in the world.
If we want the world to use Bitcoin, we need to help people participate in its most important process: mining. At Lumerin, we’re focused on tearing down these barriers, and building the tools and infrastructure necessary to onboard new people into Bitcoin mining.
We believe that the Lumerin Hashpower Marketplace will help aspiring miners all around the world do just that, in turn helping the Bitcoin network become more decentralized, secure, and inclusive.
Stay tuned for our launch on the Ethereum testnet!
Do you want to learn more?
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