Crypto mining firm to develop hashpower trading platform
by: Dynasty GI2021-11-20
Bitcoin mining operator Titan has announced the creation of a new decentralised hashpower routing protocol it named Lumerin, with the aim to make hashpower tradable through smart contracts.
Explaining the move, Bloq Inc’s mining arm stated that, because Bitcoin mining businesses ‘tend to be concentrated in regions that offer cheap electricity, favourable regulation and stable infrastructure’, it wanted to solve this centralisation issue via software. It hopes that, by making processing power and security transferable, it will allow hashpower to be bought, sold and delivered through smart contracts. The founder and CEO of Dynasty Global Investments AG, Eduardo Carvalho, commented:
"This is an interesting move as it seeks to, at least in part, break the direct link between Bitcoin and the physical location of the computer power needed for its mining. It is also another example of how Blockchain-based smart contracts can be used to develop new and innovative financial products."