NEW YORK, Oct. 14, 2021 /PRNewswire/ -- Compass Mining ("Compass"), the world's first and largest online marketplace for bitcoin mining hardware and hosting, today announced the launch of its latest effort to make bitcoin mining accessible to all -- Compass Payment Plan. This new program allows customers to purchase bitcoin mining equipment (ASICs) to be paid off over a 12-month period, reducing the financial strain associated with bitcoin mining.
Compass Mining seeks to create a safe and accessible marketplace for both retail and institutional miners to access ASICs and hosting options. The payment plan is yet another offering from Compass that seeks to stamp out the bitcoin mining stereotype that you need a significant amount of funding to start mining, and that purchasing machines exposes buyers to unnecessary risk. Central to the Compass Payment Plan is that locks in the price of the ASIC at its initial purchase date, protecting the customer from the fluctuations of the ASIC market.
Whitney Gibbs, Chief Executive Officer of Compass Mining, commented, "We are constantly striving to increase retail and institutional access to bitcoin mining and make miners feel secure by reducing risk. As a result, our newest initiative, the Compass Payment Plan, drops the initial cost of getting into the mining game by two-thirds. This revolutionizes the marketplace by allowing almost anyone to get into bitcoin mining through Compass. By lowering barriers to entry, not only are we increasing access to bitcoin mining, we are also supporting the fundamental change that is occurring across the financial landscape."
Historically, customers have had to pay full price for an ASIC upfront, which exposes them to the risk of Chinese manufacturers experiencing production or delivery issues. This often proves to be an insurmountable condition for large companies, leading them to avoid mining altogether. Compass Mining has significantly lowered the risks for all by offering the ability for potential miners to place a small down payment and secure their order, and then pay off the balance over 12 months.
Compass Payment Plan reduces the initial costs to both retail and institutional customers. It allows individuals to get into mining for less and mine bitcoin to help pay off upcoming payments. For smaller institutions moving into the bitcoin mining sector for whom cash flow may be an issue, making small, incremental payments over time is ideal. Larger institutions are able to take advantage of the payment plan to control costs and manage the bottom line.
The Compass Payment Plan is only available for ASICs hosted at one of Compass Mining's over 20 facilities, not for those mining at home through Compass Mining's AT-Home Mining program.
About Compass Mining
Compass Mining is a bitcoin-first, proof-of-work mining company on a mission to strengthen Bitcoin's network by democratizing hash rate. Compass' mining marketplace offers easy procurement and deployment of mining machines for institutional and retail clients. Compass also produces industry-leading research and educational content through a variety of tailored media product offerings. Mining is a notoriously opaque sector of the Bitcoin industry, but Compass now serves as the guide for everyone's path to successfully mining bitcoin. Thanks to Compass, now everyone can mine bitcoin.
For more information on Compass Mining, visit https://compassmining.io/
Jay A. Morakis
M Group Strategic Communications (For Compass Mining)
View original content to download multimedia:
SOURCE Compass Mining