Lumerin to launch decentralized Bitcoin hashpower market on Arbitrum

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Lumerin's new marketplace will offer a decentralized platform for trading Bitcoin mining hashpower via smart contracts on Arbitrum.

Lumerin’s new marketplace will offer a decentralized platform for trading Bitcoin mining hashpower via smart contracts on Arbitrum.

Lumerin's new platform, officially launching on Sept. 26, is designed to iron out the"peaks-and-valleys" in Bitcoin mining operations, enabling miners and non-miners alike to buy and sell hashrate computing capacity through smart contracts, setting parameters like hashrate amount, duration and price, according to a statement.

Lumerin argues the marketplace helps businesses manage operational risk, enabling them to set fixed prices that provide predictability in their earnings. It also reduces the need to invest in rapidly depreciating equipment, allowing miners or other participants to add or reduce their Bitcoin hashpower dynamically. Another use case would enable miners in low-cost electricity areas to arbitrage their cheaper Bitcoin mining production by selling their hashpower at global market rates.

Bitcoin mining pools are made up of multiple entities and distributed globally, but there has been some concern over the degree of hashpower concentrated toward a few top mining pools. This has fueled centralization fears, with Foundry and AntPool currently accounting for more than 50% of the network's total hashpower combined.

 

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