Rigly on Nostr: Wrapping up part 3 of our series "What do bitcoin miners need?" 3. Hashrate buyers: ...

Wrapping up part 3 of our series "What do bitcoin miners need?"

3. Hashrate buyers:

Finally miners need hashrate buyers such as mining pools. This is also where Rigly (and you, future Rigly customer) come into play.

Bitcoin mining farms who are generating hash (let’s call them “hashers”) work with mining pools such as Braiins, Antpool, Luxor, Ocean, ViaBTC and a number of others. Hypothetically a mining farm could solo mine, but the chances of being a profitable solo-miner are similar to the chances of winning the Powerball.

Mining pools purchase compute power or hashrate from bitcoin mining farms and then enumerate hashers with new bitcoin. Under most agreements, the new bitcoin that hashers are paid with comes from the network fees + block rewards.

In these relationships, the mining pool takes on quite a bit of risk. They agree to pay hashers up-front for their hashrate, but there’s no guarantee that they will mine any blocks (and receive block rewards as a result).

Rigly provides an alternative solution for mining farms by creating a hashrate marketplace that connects the hashers with hashrate buyers. Rigly’s solution creates much needed competition against the mining pools who have historically held a lot of power.

By buying hashrate directly from miners, buyers not only receive brand new kyc-free bitcoin, they also make the network more balanced and fair as these buyers have the freedom to choose which mining pool they want to work with.

It’s a win-win. Mining farms have a new hashrate buyer, and buyers have a direct way to get fresh bitcoin while supporting and further decentralizing the network.