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The first-ever mining hardware marketplace just launched

The first-ever mining hardware marketplace just launched

Asic Jungle has launched a beta model of what it calls “the first-ever mining {hardware} market” for cryptocurrency mining {hardware}. The corporate’s CEO Artem Bespaloff instructed Cointelegraph that he has created a trusted platform for second-hand mining tools that operates with none middlemen:

“[It’s] the primary and solely on-line market the place patrons can work together immediately with sellers via the platform and never have to make use of any brokerage providers or Telegram channels (I name them ‘sketchy’ Telegram channels) as a result of all kinds of issues go on there. And we determined to create this ecosystem the place patrons and sellers deal collectively between themselves.”

A pattern itemizing. Supply: Asic Jungle.

The corporate’s resolution to those issues is a two-sided market that connects ASIC patrons and sellers in a safe and clear setting. In accordance with Bespaloff, ASIC brokers at the moment cost excessive premiums which can be profiting from the market’s lack of value discovery mechanisms. He believes that these brokers create info asymmetry by withholding pertinent info.

Bespaloff mentioned that Asic Jungle upholds quite a lot of security measures to make sure that transactions occur in a trusted setting, together with an emphasis on AML compliance. Because the Canada-based firm will likely be serving prospects from everywhere in the world, they intend to conform with each native legal guidelines and laws and the compliance legal guidelines of the US.

Though mining tools turns into progressively much less environment friendly with the passage of time, Bespaloff assured that there’s loads of demand for second-hand tools in locations with very low-cost or free vitality sources, like some areas in Canada and Venezuela — although the residents of the latter could also be excluded from participation in an effort to adjust to U.S. sanctions.

Each Bitcoin and Ethereum (ETH) have lately skilled record-setting hashrate will increase, indicating there will likely be no lack of curiosity in mining tools within the close to future.

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