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HOW HASHRENTAL WORKS

by Ian Edwards, from HASHRENTAL.IO, on Apr 11
For Hashing power sellers and buyers
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For Hashing power sellers:

  • To the pool that the buyer has chosen for mining. Then Sellers get paid* in ETH for renting from smarts contracts after them confirms.
  • To the HashRental pools, if there is no required volume of orders. Then Sellers get paid in ETH from HashRental pools.

This is all done automatically and the process does not require complex technical skills.

*The price for rent is determined by the current weighted average and refreshed each minute.

For Hashing power buyers:

  • Select the cryptocurrency that you want to mine
  • Select a pool on which you want to mine
  • Set needed amount of hashing power
  • Set needed order time period
  • Place calculated amount (or more) of the Luhn coins* into the smart contract**. This provides proof-of- funds and allows for a much safer trade. Then:

- Successfully confirms receipt of needed amount of hashing power, and releases the escrow.

- A party raises a dispute, and brings in a third-party arbitrator, giving them the keys to decrypt the messages and work with both parties to make a resolution.

  • Get reward from selected pool in cryptocurrency (Btc, ETH, and any other)
  • Trade complete!

*LUHN COIN CORRESPONDS TO THE PRICE OF ONE HOUR HASHING POWER RENT. MINIMUM AMOUNT OF HASHING POWER FOR 1 LUHN IS DETERMINED BY THE CURRENT WEIGHTED AVERAGE PROFIT FROM MINING ALTCOINS FOR EACH ALGORITHM.

**The smart contract allows users to safely exchange (Luhn coins → hashing power → any other cryptocurrency) with one another and pools, and to name a trusted third-party to mediate a trade if a dispute arises. Currently, the trusted mediator is always hashrental.io, but the contract will be adapted in the future to switch over to a reputation-based distributed arbitrator pool.

Note: Full or partial copy of the publication is allowed only with the direct active link to InnMind platform.

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