A new service is born to connect lone miners with large mining farms

A first-of-its-kind service aims to connect large-scale mining facilities with individual miners looking for a hosting setup.

Compass

Bitcoin mining company HASHR8 has just launched its Compass platform, a sort of search engine for lone miners who wish to purchase a hosting facility to manage their mining hardware.

While mining farms hosting lone miner machines are nothing new, Compass is the first service to create a product to connect miners with hosting providers.

The initiative was born from the motivation to keep the Bitcoin hashrate distributed (here the quotation in real time), and start with the confidence that smaller miners can stay competitive. “We believe everyone should have the ability to mine bitcoins.

Nowadays the narrative is always that “Bitcoin mining is only profitable for the biggest miners,” which is true because smaller miners cannot benefit from the same economies of scale. HASHR8 built Compass to change that narrative, ”said HASHR8 COO Thomas Heller.

Pointing bitcoin miners in the right direction

Compass maintains a register of verified mining facilities that miners can consult to search for facilities by region, energy price and minimum hardware hosting requirements. The profile of each mining farm also lists the safety features and whether or not it offers mining equipment for rent.

Researchers can choose from farms established in Canada, China, Iceland, Kazakhstan, Russia and the United States. As good working relationships already existed, Heller argued in an interview, HASHR0 contacted the facilities currently listed on Compass to pave the way for the program, but any other mining farms may need to be added. The hosts, not the lone miners, pay a commission to HASHR8 for the service.

Not just Compass

In addition to Compass, HASHR8 will also launch Powerblock this month. The service will allow lone miners to host a single device. According to Heller, this service will offer "anyone the opportunity to start mining in a world-class facility."

“We want everyone to have access to the same great hardware and the same low hosting rates, whether they have a capital of $ 2.000 or $ 200.000 to start mining bitcoins,” continued Heller.

At a time when Bitcoin's hashrate and price are rising, miners are earning profits as revenue per terahash remains at its lowest. Smaller miners were particularly affected by this contraction in cash flow. Heller said that before they can hope to make them competitive with the larger miners, "the first step is to get them out there" with viable hosting options.