Miners Can Split and Sell Hash Rates With New BetaRigs Feature

Mining rental service BetaRigs is partnering with cloud mining platform Mintsy to allow miners to split and trade hash rates.

Feb 20, 2015 at 11:01 p.m. UTC
Updated Sep 11, 2021 at 11:33 a.m. UTC

Beta Rigs

Mining hardware leasing service BetaRigs is preparing to roll out a new contract rental feature in partnership with cloud mining platform Mintsy.

The partnership will enable BetaRigs customers to effectively rent out hash rates to Mintsy customers when the feature goes live early next month. The Mintsy mining platform, announced in September, is a joint venture between digitalBTC and digital currency exchange Cryptsy.

The partnership will enable clients of the BetaRigs service to plug into a larger hub of potential customers as Mintsy moves toward the completion of its beta testing period, according to Final Hash chief technology officer Marshall Long.

Long said the partnership will feature a method by which hash rates leased out by BetaRigs users can be divided into smaller tranches of mining power and sold to Mintsy customers.

He told CoinDesk:

“[Customers] will be able to trade and split up their hash rates. So let’s say you’ve got an S4 and you want to split that into three contracts or four contracts of 500 GH/s apiece - you can do that with Mintsy technology that’s merging with BetaRigs.”

BetaRigs was purchased last month by cryptocurrency consultancy Final Hash from its original owners.

More upgrades in development

In conversation, both Long and developer Ahmed Bodiwala cited the data center-scale of some BetaRigs customers as a key factor in the partnership, which provides a method to offer larger contracts for longer rental durations.

Long said that other features, including an increased range of both fiat and cryptocurrency payment offerings, are forthcoming.

The collaboration with Mintsy follows a bumpy onramp period for the newly purchased mining rental service. BetaRigs experienced operational problems following the change in ownership and subsequent platform upgrades and began issuing refunds to affected customers last week.

Images via Shutterstock, BetaRigs

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
First Mover Asia: USDC Hasn’t ‘Flippened’ USDT, but Trader Preferences Are Changing; Cryptos Rise Despite Bearishness

A Glassnode analyst suggests the collapse of the UST token has triggered a change in investors' stablecoin preferences; bitcoin holds above $30,000.

A Glassnode analyst suggests the collapse of the UST token has triggered a change in investors' stablecoin preferences; bitcoin holds above $30,000.

2
Musk Sets New Condition for Twitter, Citi Says Terra’s Fallout Unlikely to Hit Wider Financial System

The most valuable crypto stories for Tuesday, May 17, 2022.

The most valuable crypto stories for Tuesday, May 17, 2022.

3
Market Wrap: Cryptos and Stocks Mixed Amid Bearish Sentiment

BTC is stabilizing around $30K while stock market volatility begins to fade.

BTC is stabilizing around $30K while stock market volatility begins to fade.

4
New Data Shows Underground Bitcoin Mining Thriving in China

The U.S. has also expanded its lead in the global hashrate competition.

The U.S. has also expanded its lead in the global hashrate competition.