The mining company Navier has launched a service for trading hashrate-backed tokens, open to accredited investors. According to CoinDesk.
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“What the Reactor.xyz platform provides is ownership of a certain hashrate that will mine for a fixed period,” explained the company’s CEO, Josh Metnick.
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According to him, at present investors who want to mine digital currencies without building their own data centers have two options:
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- use services of companies such as Compass Mining, where they buy the rigs and pay for hosting to run them;
- turn to cloud mining services such as Bitdeer or BitFuFu, effectively renting the equipment.
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Metnick says Navier’s solution is similar to the second option, but gives users greater control over the hashrate. For example, they will be able to choose which pools to use.
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The compute power will be presented as tokens on the ERC-721 protocol, which readily enable trading among users. The providers of the hashrate for sale will be \”industrial-scale Bitcoin miners\”.
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The head of Navier said the firm would strive to maintain excess capacity to achieve 100% uptime.
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In March 2021, the infrastructure company Blockstream launched a hash-rate-backed Bitcoin token, BMN.
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By October, following the placement of six asset tranches among investors, the firm received $36 million.