First Ever Mining Hardware Marketplace Launched Recently

The first ever mining hardware marketplace was just launched recently and this company presents an alternative to “sketchy” Telegram channels to purchase second-hand mining equipment so let’s find out more in our latest blockchain news.

Asic Jungle launched the first-ever mining hardware marketplace as a beta version of it was launched recently. The company’s CEO Artem Bespaloff said that he has created a trusted platform for second-hand mining equipment which will operate without any middlemen:

“[It’s] the first and only online marketplace where buyers can interact directly with sellers through the platform and not have to use any brokerage services or Telegram channels (I call them ‘sketchy’ Telegram channels) because all sorts of things go on there. And we decided to create this ecosystem where buyers and sellers deal together between themselves.”

The company’s solution to these problems is a two-sided marketplace that will connect ASIC buyers and sellers in a secure and transparent environment. According to Bespallof, the brokers are now charging high premiums that are taking advantage of the market’s lack of price discovery mechanisms. He also said that these brokers create information asymmetry by withholding important information.

Bespaloff said that the Asic Jungle has many security features to make sure that the transactions happen in a trusted environment including an emphasis on the AML compliance. The Canada-based company will serve customers from all over the world and they intend to comply with the local laws and regulations and the compliance laws of the United States. Mining equipment becomes less effective as time goes by so Bespaloff assured that there’s a lot of demand growth for second-hand equipment in places with cheap or free energy sources like Venezuela or Canada. The residents however in some of the countries could get excluded from participation in an effort to comply with US sanctions.

Botch Bitcoin and Ethereum experienced record-setting hashrate increases which only shows that there will be no lack of interest in mining equipment in the near future. Also as recently reported, ETH mining revenue hits a five-year high so the miners have to be quite happy about the astronomical gas prices. Uniswap’s launch of the native token and the farming rewards caused a digital gold rush which has crippled the ETH network for the second time in the past weeks. The news was excellent for the ethereum miners as the ETH mining revenue hits a new high according to the on-chain analytics provider Glassnode. The mining activity pushed Ethereum’s hash rate to the highest level since October 2018.