Friday, September 27, 2021

Bitmain to Play Matchmaker Between Mining Farms, Miners With New Service

Bitmain is creating the eHarmony of bitcoin mining. Okay, maybe that’s a bit embellished, but the mining firm is creating a tool that connects large-scale mining operations with individual suitors shopping for mining hardware hosting services.

The new service, dubbed the World Digital Mining Map (WDMM), will create a directory of cryptocurrency mining farms and list the efficiencies of their energy sources, capacity of their facilities and other specifications. This data will help individual miners find a suitable mining farm to host their hardware. Essentially, the service creates an open marketplace for individual miners to find a cost-efficient method to operate their rigs.

The WDMM “will help mining farm owners fill available capacity they have, while hardware owners will have more options for places to host their rigs,” a representative from Bitmain told Bitcoin Magazine.

“The WDMM will help to make cryptocurrency mining more sustainable in the long-run by connecting mining farms and hardware owners in a whole new way. It is part of our commitment to provide miners with on-going support throughout their hardware’s lifetime and to support the sector’s overall growth,” Matthew Wang, Bitmain’s director of mining farms, said in a press release.

A Bitmain representative told Bitcoin Magazine that the WDMM “aims to connect the mining ecosystem in the most meaningful way for each party. Bitmain’s role here will be to offer services to support the relationships in the mentioned areas. The funding and investments required for each mining farm’s infrastructure will be done by the owners.” 

The company representative added that, while there is no added cost to be listed on the WDMM, “hardware owners will need to pay mining farms a fee that they both agree on. If further Antminers are needed, Bitmain can support with the sales process.”

First Look at World Digital Mining Summit

Bitmain is planning on launching the new tool at the World Digital Mining Summit in Frankfurt, Germany, in October 2019. Miners at the summit will have first priority for the service, and each applicant will need to include pertinent information on their facility’s hardware capacity, power resources and other metrics.

“In return, participants will be given personalised services from Bitmain which includes assistance with mining farm design, connections to foreign customers to host, and support with operations, purchasing and construction,” the press release reads.

September 27, 2019: This article has been updated with further information from Bitmain.

The post Bitmain to Play Matchmaker Between Mining Farms, Miners With New Service appeared first on Bitcoin Magazine.

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A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

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