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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.