Bitmain, the renowned cryptocurrency mining equipment producer, has made an unprecedented announcement regarding a compensation program aimed at protecting Bitcoin miners from volatility spikes. This compensation program will be activated in the event of a 20% or more drop in Bitcoin’s price, thereby minimizing the risks associated with Proof-of-Work mining. The program specifically targets purchasers of the S19J XP flagship mining rigs and offers compensation of $1.89 for every trillion hashes mined by Bitmain’s hardware. Existing users of the S19J XP are also eligible for rewards if market instability occurs. The program will remain active for three months from the date of purchase.
Bitmain announces compensation program for miners during volatility spikes
Program details
Bitmain, the largest producer of Bitcoin (BTC) mining equipment, has announced a compensation program aimed at protecting miners from the volatility of the crypto market. This program will be activated in the event of a 20% or more drop in the price of Bitcoin (BTC), providing a safety net for miners during times of instability.
Activated in case of 20% or more Bitcoin (BTC) price drops
The compensation program will be triggered if the price of Bitcoin (BTC) experiences a significant drop of 20% or more. This activation mechanism ensures that miners are protected during times of extreme market volatility, allowing them to continue operating their mining rigs without suffering significant financial losses.
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Compensation for purchasers of S19J XP flagship mining rigs
The compensation program specifically targets purchasers of Bitmain’s S19J XP flagship mining rigs. These high-performance mining rigs are known for their efficiency and power, and are favored by many professional miners. By offering compensation to the purchasers of these rigs, Bitmain aims to support and incentivize the use of their top-of-the-line mining hardware.
Distribution of $1.89 per every trillion hashes mined
Under the compensation program, Bitmain will distribute $1.89 for every trillion hashes mined by their hardware. This ensures that miners are fairly compensated for their mining efforts, even during times of market instability. The distribution of compensation will help offset any financial losses that may occur as a result of the drop in the price of Bitcoin (BTC), providing miners with a safety net.
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Active for three months upon purchase of Bitcoin (BTC) mining hardware
The compensation program will be active for a period of three months from the date of purchase of Bitmain’s Bitcoin (BTC) mining hardware. This ensures that miners have ample time to benefit from the program and receive compensation for any losses incurred during the specified timeframe. The duration of the program allows for flexibility and enables miners to plan their mining operations accordingly.
Existing users of S19J XP eligible for rewards
In addition to offering compensation to new purchasers of Bitmain’s S19J XP mining rigs, the compensation program also extends to existing users of these rigs. This inclusivity ensures that all miners who have invested in Bitmain’s flagship mining hardware are eligible for rewards in case of market instability. By including existing users, Bitmain recognizes the contributions of their loyal customers and aims to provide support to the entire mining community.
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Announcement shared on WeChat by Bitmain team
The announcement of the compensation program was shared by the Bitmain team on WeChat, a popular social media platform in China. This platform is widely used by the crypto community and allows for effective communication and dissemination of important information. By sharing the announcement on WeChat, Bitmain ensures that the news reaches a wide audience and reaches the miners who will benefit from the compensation program.
Miners can claim compensations in case of market instability
Miners who have purchased Bitmain’s S19J XP flagship mining rigs and are eligible for the compensation program can claim their compensations in the event of market instability. This process ensures that miners are able to receive their fair share of compensation and are protected from financial losses during volatile market conditions. By offering this option, Bitmain aims to provide peace of mind to miners and support the stability of the mining ecosystem.
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Tether (USDT) doubles down on mining
In a related development, Tether (USDT), the issuer of the popular stablecoin, has increased its focus on mining. Tether has reaffirmed its commitment to gaining supremacy in the Bitcoin (BTC) mining segment, showcasing its dedication to the industry. This increased focus on mining by Tether has significant implications for the crypto market and further highlights the importance of mining in the overall ecosystem.
In conclusion, Bitmain’s compensation program for miners during volatility spikes provides much-needed support and protection to miners during times of market instability. By offering compensation to purchasers of their flagship mining rigs and extending the program to existing users, Bitmain demonstrates its commitment to the mining community. The distribution of compensation per trillion hashes mined ensures fair and reasonable compensation for miners’ efforts. With the announcement shared on WeChat and the ability for miners to claim compensations in case of market instability, Bitmain aims to build trust and stability in the mining industry. Additionally, Tether’s increased focus on mining further emphasizes the importance of mining in the crypto ecosystem, highlighting its potential for growth and development in the future.
