TL;DR
To be honest, I’m surprised more projects like Lumerin haven’t shown up. Coming from the “good old days” of purchasing hashpower contracts via Genesis Mining, I’m very familiar with the concept and execution of this product type. Naturally, this caused Lumerin and the hashpower marketplace it’s building to pique my interest. As a product designed around unlocking new opportunities for mining Bitcoin, Lumerin has a high bar to reach. How does it stack up against the originators of this concept? Is it profitable for Lumerin, and more importantly, its users? All this and more in today’s Wealth Mastery Altcoin Review.
Lumerin launched its token back in early 2022. But, it wasn’t until last year that everything got up and running for the protocol. For almost 18 months, the project lay dormant.
We’ll get into more specific reasons for that a bit later. But, with all the cloud mining scams we could potentially fall victim to, (covered in my Free “What are Common Crypto Scams” article) the community’s hesitancy to participate in such a project is completely warranted.
If all you want to know is if Lumerin’s a Scam. Having used the product, I don’t think it is.
What is Lumerin?
Lumerin wants to allow anyone to mine Bitcoin, despite their location or access to mining gear. This enables a simple way for miners and customers to benefit from a mutually advantageous system, while eventually turning mining power into a real-world asset that can be traded in the open market.
This system is managed through Lumerin’s Desktop application and wallet. This allows direct peer-to-peer trading of hashpower and is available on Mac OS, Windows, and Linux.
This program is a modified QT wallet that includes some additional features not found in most core wallets. This is a great idea for operation and allows true decentralization of the Lumerin marketplace.
And because this software stack is built around operating common node functions for Bitcoin, miners are extremely familiar with the system.
How Does the Lumerin Marketplace Work?
In case you’re unfamiliar with the concept of a marketplace for hashpower. It’s just as simple as it sounds. With miners all over the world updating the Bitcoin blockchain. Lumerin has designed a hub for these miners to sell their unwanted hashpower to hashing buyers.
Whether you’re trying to buy or sell hashpower makes no difference. To gain access to the Lumerin Marketplace, all you have to do is download the Lumerin Wallet. List your available hashpower or find miners willing to part with theirs.
For miners who want to sell available resources on the marketplace. You can configure your wallets in the same way you would when mining Bitcoin or Ethereum when it was Proof of Work. Just configure you’re Lumerin node with your mining software and start selling hashpower.
For buyers, it’s a much easier process. Simply purchase any of the available contracts. These contracts automatically default to one-day rates and start at 100 Terahash. However, these contracts must be purchased using aLMR. A wrapped version of the LMR ERC-20 token on Arbitrum. However, this marketplace has only recently been made available on Arbitrum.
Prior to this, there was no…
Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin.
As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom.
“The swarm is headed towards us” -Satoshi Nakamoto
