Lumerin, a new Web3 datastream routing protocol, today launched the public testnet for the Lumerin Hashpower Marketplace, a first-of-its-kind decentralized application for the buying and selling of Bitcoin mining capacity. This initial beta demonstrates the early capabilities of the marketplace, which will enable both miners and non-miners alike to participate in Bitcoin mining via smart contracts on the Ethereum network.
The primary objective of the launch’s initial testing phase is to improve the Marketplace and identify potential enhancements in user experience. Marketplace testers, who will have the opportunity to earn bitcoin for their efforts, are encouraged to exercise caution should they participate in this public beta.
Marketplace to Broaden Access to Mining While Helping Professionals Manage Capacity
Lumerin Hashpower Marketplace will provide miners with additional flexibility and control over their operations, while unlocking greater liquidity and access to Bitcoin mining capacity across the globe.
Within the marketplace, miners will be able to create contracts to buy hashpower like any other asset, setting the price, speed, and duration of the contract as required. This unlocks much-needed opportunities for efficient capacity planning and risk-management strategies.
At the same time, participants will not need to own mining equipment to participate — they will be able to buy hashpower contracts just like the professional miners.
Details on the Testnet Launch
This will be a phased launch in order to ensure the integrity and security of the marketplace’s hashpower contracts.
Particularly at this early stage, testers are strongly encouraged to read the instructions for the Lumerin Wallet and Hashpower Marketplace. These instructions not only cover Wallet installation but network configuration as well. In the initial phase, users will only be able to purchase hashpower through the marketplace and connect to their mining pool account.
Beta testers who are registered on the Lumerin Explorer Program are now able to access the Marketplace and purchase hashpower using Ethereum Sepolia Testnet LMR tokens (sLMR). We migrated to Sepolia because there are increasing concerns with the stability of the Goerli testnet which is being deprecated later this year. These are obtained for free via the Lumerin “faucet,” an automated distribution mechanism that sends the tokens to the users upon request.
During the testnet phase starting today, all marketplace users can exchange Lumerin testnet tokens to purchase real Bitcoin mining hashpower provided by the Lumerin team. Then, they can point that hashpower to a mining pool account, earning Bitcoin just as they would if they were directing their own hardware’s hashpower to that pool.
Looking forward to mainnet release, Lumerin will onboard strategic mining partners to provide hashrate contracts on the platform.
“Conversations about the centralization of Bitcoin mining power have too long obscured the need to distribute control of that mining power through market forces,” said Ryan Condron, co-founder of Lumerin. “With the testnet launch, the Lumerin Hashpower Marketplace will offer a glimpse into what a future of liquid, globally distributed control of Bitcoin mining could look like.”
“Lumerin has had a remarkable journey — from a novel idea for solving the centralization issues in Bitcoin mining to today’s real-world testnet deployment,” said Matthew Roszak, co-founder and chairman of Lumerin partner Bloq. “Lumerin shifts the discussion of Bitcoin hashpower from one of mere geography to one of control and ownership across borders, further fulfilling the promise of a 24/7/365 future of finance.”
Lumerin is a decentralized Web3 data stream routing protocol that enables users to own, transfer, and exchange data through blockchain networks using smart contracts.
The Lumerin Hashpower Marketplace aims to be the first dApp leveraging this technology to make Bitcoin hashrate a liquid financial asset, allowing for peer-to-peer, decentralized hashrate trading across the globe.