The encryption software and service provider Luxor has revealed plans to build an online marketplace in the guise of an auction where Bitcoin mining hardware can be bought and sold. Buyers will be able to make order requests on the site based on a variety of criteria, including location, condition, and model type. The same order might contain items from a variety of manufacturers and models, which can be mixed and matched by the seller.
According to the firm, the new offering would make price discovery easier and will contribute to an increase in the secondary market’s liquidity. Before, in order to acquire and sell mining hardware, buyers and sellers had to rely on a mishmash of different venues, as stated by Lauren Lin, who is the operations manager for Luxor. They can now observe offers, listings, and settlement costs all in one location, which promotes pricing transparency and speeds up the process of procuring mining hardware.
According to the business, the new offering will help raise liquidity on the secondary market while also facilitating better price discovery. Over the course of the past year, the industry has had to deal with dropping margins, which has resulted in lowering prices for ASIC mining rigs. In 2022, they saw a value decline of over 80 percentage points. In October, Luxor also introduced a derivatives product that was based on the revenue generated by bitcoin mining. The company stated that this was the first of “many derivatives” that it intends to provide in the future.
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