pull down to refresh
300 sats \ 1 reply \ @cyphercosmo OP 13 Dec \ parent \ on: Goodbye corporate world, hello nostr devs
That's a great question! I got super excited about it, when I read your story with your business partner which it's pretty much what I am/was going through I immediately wanted to give it a shot.
I must admit the "miners prefer to get the money upfront" doesn't make complete sense in my head, would you care to elaborate why is that a better deal than mining it themselves?
Continuing, I was able to complete pretty much every step/process but there were a couple of glitches in the hashrate delivery. It could have been worst if the support didn't work, but then you (one of Rigly's founders afaik) helped me pretty quickly and then I got what I paid for. Enough to recommend you publicly on SN.
I believe as you continue to mature the app and bring more auctions/supply it will grow into something that has benefits for the parties involved.
Glad you had a good experience.
Re: miners and payment upfront -- the Mining Farm needs an incentive to send the hashrate elsewhere vs mining themselves. To create this incentive, the buyer can either pay a premium or pay upfront.
There's already 2 hashrate markets where you can buy hash at a premium -- on Rigly we let the Mining Farm get paid upfront (50% upfront, 50% held in escrow during delivery)
For the farm, getting paid upfront allows them to expand faster:
- They can buy new ASICs
- Mining farm starts mining w/ new hardware right away
And then, if they choose to list this new hashrate on Rigly, the cycle can repeat over and over again.
This way a small or mid-size mining operation, with limited access to capital, can grow by selling their hashrate p2p to bitcoiners who want to secure their network (and earn some extra sats in the process)
reply