The first marketplace for second-hand hardware mining is online

Asic Jungle intends to provide an alternative to the purchases agreed on Telegram channels, which have less guarantees

Asic Jungle has launched a beta version of what he calls „the first ever mining hardware marketplace“ of cryptocurrency. The company’s CEO, Artem Bespaloff, told Cointelegraph that he has created a platform for the direct purchase and sale of second-hand mining equipment:

„[It is] the first and only online marketplace where buyers can talk directly to sellers through the platform and they don’t have to use any brokerage services or Telegram channels (I call them „suspicious“ Telegram channels) because everything happens there. And we decided to create this ecosystem where buyers and sellers interact with each other“.
An example of an offer. Source: Asic Jungle
An example of an offer. Source: Asic Jungle
The company’s solution to these problems is a marketplace that connects buyers and sellers of ASICs in a safe and transparent environment. According to Bespaloff, ASIC brokers currently charge high surcharges, taking advantage of the lack of price discovery mechanisms in this market. He believes that these brokers deliberately create an information asymmetry by not disclosing relevant data.

Bespaloff stressed that Asic Jungle has a number of security features to ensure that transactions take place in a reliable environment, including a strong emphasis on AML compliance. As the Canadian company intends to have customers from around the world, it expects to comply with both local laws and US regulations.

Although mining equipment becomes progressively less efficient over time, Bespaloff has ensured that there is abundant demand for second-hand hardware in places where energy sources are very cheap or even free, such as parts of Canada and Venezuela, although residents of the latter country could be excluded from the platform under US sanctions.

Both Bitcoin and Ethereum (ETH) have recently recorded a record increase in hashrate, indicating that there will certainly be demand for this type of component in the near future.