For first time ever, cryptocurrency mining equipment producer is going to protect its customers from crypto volatility
Bitmain, the largest and most popular producer of Bitcoin (BTC) mining equipment (ASICs), shares the plan for a previously unseen compensation program. It will be activated in case of 20% or more Bitcoin (BTC) price drops to make the process of PoW mining less risky.
Bitmain announces unmatched compensation program to protect BTC miners from volatility
ASIC producer Bitmain will compensate the losses to purchasers of S19J XP flagship mining rigs in case of crypto capitalization dropdowns. Should Bitcoin (BTC) lose 20% or more of its price, Bitmain will disribute $1.89 per every trillion hashes mined by its hardware.
Bitmain announced the launch of a market volatility protection mechanism. Within three months after the customer purchases the S19j XP, if the market fluctuates more than 20% downward, Bitmain will provide compensation of $1.89/T. Customers who previously purchased the S19j XP…
— Wu Blockchain (@WuBlockchain) August 21, 2023
The compensation program will be active for three months upon the purchase of Bitcoin (BTC) mining hardware of the most powerful series.
Existing users of Bitmain S19J XP are also able to claim rewards in case of market instability. Such a statement was shared on WeChat by the Bitmain team.
Chinese cryptocurrency journalist and insider Colin Wu noticed the statement.
In the last seven days, the Bitcoin (BTC) price lost 12%. As such, should it repeat this painful plunge, the first affected miners will be able to claim their compensations from Bitmain.
Tether (USDT) doubles its bet on mining
Bitmain’s Antminer S19J XP is one of the most powerful Bitcoin (BTC) mining hardware devices ever. It produces 151 THashes per second, consuming 21.5 Joules per TH. This flagship model is offered for almost $5,000 on Bitmain’s official website.
There are no rigs in stock, but the first devices will be available in Q4, 2023.
As covered by U.Today previously, USDT issuer Tether reaffirmed its commitment to gaining supremacy in the Bitcoin (BTC) mining segment.
Last week, it introduced Moria, a Bitcoin (BTC) mining orchestrating software with the elements of AI and IoT.
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