So what does renting hash-rate from you (or whoever you're reselling) provide to someone and how does renting space in centralized datacenters, decentralize hashrate? Why wouldn't you just use the equipment you already purchased?
Discussion
Sure. Let's say a mining farm sells 90 days of 1 PH/s hash on Rigly:
- 90 auctions, 1 PH/s per day, for 12/15/24 to 3/15/25
- Hashrate sells for average 5-10% discount to realized future hashprice
The hashrate sells to several buyers, who send it to different pools, versus the single pool the mining farm was using. Let's say there are 10 different buyers of the hashrate, and so now there are 10 new miners participating, versus just the mining farm selling the hash to a single pool.
The mining farm gets 50% upfront payment for the hashrate, so they can grow faster. The remaining balance is held in escrow pending hashrate delivery to the buyer.
Rigly allows mining farms to get access to liquidity, by selling hashrate and getting partial payment upfront, so they can buy more ASICs, scale up with a new location etc.
Buyers of hashrate get to mine with the potential of earning a profit, by taking a measurable amount of risk.
The idea is to give mining farms a new source of funding and offer bitcoiners an easier way to mine, with the potential of earning a profit.
What do you think?
🕷️We’ll have to get into our origin story!
The reason we don’t just use ASICs is because they’re expensive and tough. We tried mining, we really did.
But working with hardware sourcing, logistics, power, uptime, etc., made us learn the hard way that mining is centralized around owning ASIC rigs.
💡 This led to our epiphany:
“What if there was a marketplace where bitcoiners could buy hashrate and start mining on rigs from around the world, without owning hardware?”
We also bought a rig from a hosting company…and got rugged. Mining rugs happen a lot. So we had another idea…
💡How about multisig on-chain escrow?
So we gave it a spin and eventually decided on 50/50 escrow to benefit both hashrate buyers and miners.
Eventually, we got the idea for hashrate auctions because hashrate is like any other commodity, so why not auction it?
Now, we have Rigly, a mining marketplace where bitcoiners can bid on hashrate, mine bitcoin, and maybe even earn a profit.
Oh yeah, and that’s KYC-free, too. 🔥🔥🔥 LFG! 🚀
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