Lumerin, a new Web3 datastream routing protocol, has launched the public testnet for the Lumerin Hashpower Marketplace. This is a decentralized application that allows for the buying and selling of Bitcoin mining capacity through smart contracts on the Ethereum network. This beta release aims to improve the marketplace and identify potential enhancements in user experience. Participants in the public beta will have the opportunity to earn Bitcoin for their efforts, but they are encouraged to exercise caution.
The Lumerin Hashpower Marketplace provides miners with additional flexibility and control over their operations while also unlocking greater liquidity and access to Bitcoin mining capacity across the globe. Within the marketplace, miners can create contracts to buy hashpower and set the price, speed, and duration of the contract as required. This allows for more efficient capacity planning and risk-management strategies. Participants do not need to own mining equipment to participate, as they can buy hashpower contracts just like professional miners.
The launch of the testnet is a phased launch to ensure the integrity and security of the marketplace's hashpower contracts. Users will only be able to purchase hashpower through the marketplace and connect to their mining pool account during the initial phase. Beta testers who are registered on the Lumerin Explorer Program can access the marketplace and purchase hashpower using Ethereum Sepolia Testnet LMR tokens (sLMR). These tokens can be obtained for free through the Lumerin "faucet," an automated distribution mechanism that sends tokens to users upon request.
During the testnet phase, 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 and earn Bitcoin as they would if they were directing 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.
Ryan Condron, co-founder of Lumerin, said that conversations about the centralization of Bitcoin mining power have obscured the need to distribute control of that mining power through market forces. With the testnet launch, the Lumerin Hashpower Marketplace offers a glimpse into what a future of liquid, globally distributed control of Bitcoin mining could look like. Matthew Roszak, co-founder and chairman of Lumerin partner Bloq, said that Lumerin shifts the discussion of Bitcoin hashpower from one of mere geography to one of control and ownership across borders, further fulfilling the promise of a 24/7/365 future of finance.
