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2020-10-13

Platform for the exchange of used crypto-mining equipment

Asic Jungle launched a beta version of what he calls "the first ever crypto mining equipment market". Company President Artem Bespaloff said that he has created a trusted platform for used mining equipment that works without intermediaries.

The solution to these problems is a two-way market that connects buyers and sellers of ASICs in a safe and transparent environment. According to Bespaloff, ASIC brokers currently charge high rates, which benefit from the lack of pricing mechanisms in the market. He believes that these brokers create an information asymmetry by not disclosing relevant information.

Bespaloff said that Asic Jungle maintains a number of safeguards to ensure that transactions take place in a trusted environment, including an emphasis on anti-money laundering compliance. As a Canadian-based company will serve customers around the world, he intends to comply with both local laws and regulations as well as U.S. laws.

Although mining equipment is becoming increasingly inefficient over time, Bespaloff has ensured that there is a strong demand for used equipment in places where there are very cheap or free energy sources, such as some areas in Canada and Venezuela - although residents of the latter may be excluded from participating in U.S. sanctions efforts.