Lumerin, a decentralized marketplace for Hashpower operating on Arbitrum, has introduced technology that transforms Bitcoin hash rate into a tradable asset, facilitating global peer-to-peer hash rate trading.
Today, they’re thrilled to announce a new collaboration with Portal, a pioneering platform enabling trust-minimized, cross-chain swaps without the need for bridges, custody, or wrapping.
Portal’s Swaps SDK, designed by fintech innovators, enables seamless cross-chain decentralized exchange (DEX) through Atomic Swaps technology, eliminating the risks associated with custodial control often found in traditional cross-chain exchanges. This partnership brings forth fresh solutions for the Bitcoin mining community to navigate uncertainties arising from regulatory shifts, energy policies, currency volatility, and the forthcoming Bitcoin Halving event on April 19, 2024.
Lumerin’s peer-to-peer marketplace empowers miners to create and sell Bitcoin hashpower contracts directly on the open market, with transactions facilitated through their native token (LMR). These contracts aim to stabilize revenue streams for miners, ensuring consistent payments and improved liquidity.
Chandra Duggirala, co-founder and CEO of Portal, highlights the significance of this integration, stating, “Lumerin’s integration enables Portal DEX users to access the innovative hashpower contract market, providing miners with a reliable income stream amidst cryptocurrency price fluctuations.” By incorporating Portal’s Layer 2 atomic swap technology into Lumerin’s marketplace, Bitcoin enthusiasts can effortlessly exchange BTC for native Lumerin tokens and conduct transactions across Ethereum’s Layer 2, streamlining the process and reducing costs associated with inter-blockchain transactions.
Hashpower, crucial for processing transactions and securing the Bitcoin network, represents the combined computational power of all miners. Hashpower contracts allow individuals to engage in mining activities without the need to invest in costly hardware.
Furthermore, the Lumerin-Portal collaboration addresses the growing demand for privacy in the cryptocurrency realm by expanding access to “virgin” Bitcoin – coins that have never been spent or transferred from their original address since mining. These virgin bitcoins, devoid of transaction history, are highly valued by investors for their privacy and clean record.
Ryan Condron, CEO and founder of Lumerin, underscores the significance of this accessibility, stating, “Virgin Bitcoin, accessible via Lumerin, offers a private means of acquiring Bitcoin.” With a fixed supply and increasing demand, this integration with Portal DEX Network promises to significantly enhance accessibility to untouched Bitcoin within the Ethereum ecosystem.
Looking ahead, Lumerin plans to evolve hashpower contracts into NFTs, broadening their availability and enabling trading against various digital assets on multiple chains, including Bitcoin. Portal has already demonstrated successful cross-layer, cross-chain swaps of NFTs on Bitcoin, showcasing the potential for expanded interoperability and accessibility in the crypto space.
