Lumerin Launches Public Testnet for Decentralized Bitcoin Mining Hashpower Marketplace
CHICAGO, IL – (NewMediaWire) – April 27, 2023 – (ACN Newswire) – Lumerin, a new Web3 data stream routing protocol, today launched the public testnet for the Lumerin Hashpower Marketplace (https://lumerin.io/marketplace/), a first-of-its-kind decentralized application for buying and selling Bitcoin mining capacity. This first beta demonstrates the early capabilities of the marketplace, which will enable both miners and non-miners to participate in Bitcoin mining via smart contracts on the Ethereum network.
The main goal of the launch’s initial testing phase is to improve the marketplace and identify potential improvements in the user experience. Market testers, who want the opportunity to earn bitcoin for their efforts, are encouraged to exercise caution if participating in this public beta.
Marketplace to Expand Access to Mining While Helping Professionals Manage Capacity The Lumerin Hashpower Marketplace will give miners 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 needed. This opens up much-needed opportunities for effective 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 purchase hashpower contracts just like the professional miners.
Details of the Testnet launch
This will be a gradual rollout to ensure the integrity and security of the marketplace’s hashpower contracts.
Especially at this early stage, testers are strongly encouraged to read the instructions ( for Lumerin Wallet and Hashpower Marketplace. These instructions cover not only Wallet installation, but also network configuration. In the initial phase, users will only be able to purchase hashpower through the marketplace and connect to the mining pool – their account.
Beta testers enrolled in the Lumerin Explorer program – you can still sign up using this link (can now access the Marketplace and purchase hashpower using Ethereum Sepolia Testnet LMR tokens (sLMR). We migrated to Sepolia because it growing concern with the stability of the Goerli testnet which will be discontinued later this year These are obtained for free via the Lumerin “faucet”, an automated distribution mechanism that sends tokens to users on demand.
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. They can then point that hashpower to a mining pool account, earning Bitcoin just as they would if they directed their own hardware’s hashpower to that pool.
Looking forward to the mainnet release, Lumerin will onboard strategic mining partners to provide hashrate contracts on the platform.
“Talks about the centralization of Bitcoin mining power have for too long obscured the need to distribute control of this mining power through market forces,” said Ryan Condron, co-founder of Lumerin. “With the launch of the test network, the Lumerin Hashpower Marketplace will provide a glimpse into what a future of fluid, globally distributed control over Bitcoin mining might look like.”
“Lumerin has had a remarkable journey – from a novel idea to solve the centralization problems of Bitcoin mining to today’s real testnet deployment,” said Matthew Roszak, co-founder and chairman of Lumerin partner Bloq. “Lumerin moves the discussion of Bitcoin hashpower from one of pure geography to one of control and ownership across borders, further fulfilling the promise of a 24/7/365 future of finance.”
About Lumerin
Lumerin is a decentralized Web3 data flow routing protocol that enables users to own, transfer and exchange data through blockchain networks using smart contracts.
Lumerin Hashpower Marketplace aims to be the first dApp to leverage this technology to turn Bitcoin hashrate into a liquid financial asset, enabling peer-to-peer, decentralized hashrate trading worldwide.
Website: https://lumerin.io/
Twitter: https://twitter.com/hellolumerin
Medium: https://medium.com/lumerin-blog
Telegram: https://t.me/LumerinOfficial
For media contact:
Bryan Feinberg
See the original release at www.newmediawire.com
