Bitcoin Mining
What If You Could Store Bitcoin Hashpower In Your Crypto Wallet?
Discovering new opportunities in the Bitcoin mining industry
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Over the years, Bitcoin has demonstrated its robustness time and again.
With a stunning 99.988% uptime since its inception in 2009, the network provides a decentralized monetary system for people across the world whenever and wherever they need it.
One of — if not the — primary factors in achieving such reliability lies in the proof-of-work consensus mechanism — or, as we commonly call it, mining.
The Importance of Bitcoin Mining and Hashpower
Bitcoin mining is fundamental to maintain the security and performance of the network, but there are many other aspects of Bitcoin that rely heavily on the proof-of-work mechanism.
For example, besides “fueling” the network to process and confirm transactions, mining is also critical for keeping Bitcoin decentralized and resistant to control and censorship.
There are multiple miners from all over the world competing racing against each other. In simple words, for someone to gain control over the network, they would have to beat all of these miners combined. This is also why the cost of an attack increases as more miners join the network.
This is why hasrate and hashpower distribution are both extremely important to Bitcoin: not only there has to be an increasing amount of hashrate to keep the network protected as it grows, it also has to be distributed among different miners in different regions.
However, hashpower is not a liquid asset: the only way to acquire it is by spending a significant amount on ASIC miners, or through third party services like cloud mining, which often lack transparency and involve counterparty risk.
But what if it wasn’t like that? What if you could buy, sell, transfer, and use hashpower as you do with Bitcoin itself? This is what Lumerin is aiming to achieve.
Tokenized Hashpower: A New Era of Mining
The Lumerin Hashpower Marketplace is an open-source project aiming to enable Bitcoin hashpower trading in a decentralized, on-chain, and peer-to-peer manner.
How exactly? By combining two pieces of infrastructure:
- A messaging layer to allow transmission and routing of information between nodes.
- An EVM compatible component to allow the implementation of smart contracts.
This allows miners willing to sell their hashpower in the Lumerin Hashpower Marketplace to create specific offers in the form of smart contracts, where anyone can acquire them for LMR tokens.
The entire process is regulated by the smart contracts, which act as an escrow that ensure both funds and hashpower are delivered in a secure and timely manner. However, the best part is that buyers can actually control where the hashrate is pointed at, rather than simply receiving the proceeds from mining.
The Lumerin Hashpower Marketplace is currently in beta testing! Register to the Lumerin Explorer Program and start mining real Bitcoin today.
In other words, the LMR token allows users to acquire real hashrate, which they can use to mine Bitcoin as if they owned an ASIC miner themselves. They decide which mining pool to point it to, and receive the rewards directly from these pools in their accounts.
Not only that, but it unlocks new opportunities for users. For example, mining profitability changes all the time. Storing tokenized hashpower on your wallet allows you to build a “hashpower reserve” that you can deploy all at once when mining is more profitable, maximizing your rewards.
That’s why we’ve built the Lumerin Wallet.
Lumerin Wallet: Store, Trade, and Mine With Tokenized Hashpower
The Lumerin Wallet is a private, anonymous, and non-custodial wallet that allows you to store LMR tokens.
The wallet is connected directly to the Lumerin Hashpower Marketplace, meaning that you can also use it to acquire Bitcoin mining hashpower and manage your active contracts — it’s like an all-in-one hashpower management dashboard.
Everyone should be available to mine Bitcoin, but the technical complexity, budget requirements, and other caveats discourage many beginners from joining the network and contributing to its security and governance.
We hope that tokenized hashpower will remove some of these obstacles and encourage more people to discover the Bitcoin mining community.
Do you want to be among the first to mine Bitcoin with peer-to-peer, tokenized hashpower? Register to the Lumerin Explorer Program and start mining real Bitcoin today.
