New Protocol Enables Decentralized Bitcoin Mining Via P2P Hashpower Marketplace

A new Arbitrum protocol allows trading Bitcoin mining hashpower without running ASICs.
Lumerin created a P2P marketplace to buy/sell mining capacity via smart contracts.
Sellers can specify details like hash rate, duration, price to create predictable revenue.
Buyers can purchase extra capacity without new equipment through decentralized trades.
Could help decentralize Bitcoin mining by distributing hashpower from big pools to retail investors.

decrypt.co

Relevant topic timeline:

9/26/2023

Lumerin Launches Hashpower Marketplace Enabling Easy Access to Bitcoin Mining

The Lumerin Hashpower Marketplace on the Arbitrum network allows Bitcoin miners to trade mining power, enabling buyers to increase their chances of earning Bitcoin rewards without purchasing expensive equipment.

10/16/2023

Snowden Stresses Bitcoin's Privacy and Hedges Against Gov't at Conference, While Noting Its Own Privacy Issues

Prominent Bitcoiners and contemporary adopters emphasize the fundamental value proposition of Bitcoin, focusing on its role in decentralization, wealth control, and privacy amidst government surveillance and restrictive policies.

10/23/2023

New Proposal Aims to Bring Smart Contracts to Bitcoin and Scale It to Millions of Transactions

The white paper outlines a new paradigm called BIT VM that aims to bring Ethereum-style smart contracts to the Bitcoin network, with the goal of addressing Bitcoin scalability by enabling millions of transactions per second and bridging Bitcoin to side chain systems or other feature-rich systems. While BIT VM is not as expressive as Ethereum, it leverages tricks to overcome the limitations of Bitcoin script and mimic Ethereum's capabilities. The hope is to see the first experimental use cases by the end of the year.