Asic Jungle is launching a marketplace for used Application-Specific Integrated Circuit (ASIC) computers, which are currently the most widely used kind of equipment for Bitcoin mining. The company think that the market for ASIC computers would benefit from more transparency.
According to the CEO of Asic Jungle, Artem Bespaloff,
“Currently, between 10-15% of the total bitcoin network hashrate is located in North America, which is equivalent to hundreds of thousands of ASICs exchanging hands every 12 -18 months, yet no safe alternative to buying and selling in unreliable channels, like Telegram groups, exists. Miners are putting their money at risk, not knowing if they will receive anything at all. The current resale industry relies on trust, and we all know that trust is a very sensitive asset. With Asic Jungle, we create a trust-minimizing solution that will eliminate the typical risks associated with transacting and offer an all-in-one solution.”
Why it matters: For as popular as crypto has become, the B2B side of the crypto industry is still being developed. By creating a reliable marketplace for used ASIC computers, Asic Jungle will be helping to make the Bitcoin network more reliable, and also help miners to access the best prices for their equipment when buying or selling it. Open markets with a large number of users tend to have better pricing mechanisms, and offer a more accurate view of what an item is actually worth. As ASIC computers are presently the backbone of the Bitcoin network, this pricing information will be valuable for both miners and analysts.