BitOoda Hash™ Contract Advances Institutional Market for Physical Hashpower
JERSEY CITY, N.J.–(BUSINESS WIRE)–BitOoda Digital, LLC (“BitOoda”) today announced it successfully executed the first BitOoda Hash™ contract. The initial contract was between Coinmint LLC (“Coinmint”), operator of the largest digital currency data center in North America, and an undisclosed buyer. The contract is a standardized agreement for the purchase and sale of large blocks of physically-delivered Bitcoin hashpower – computing power utilized to run the Bitcoin mining algorithm – from industrial cryptocurrency mining operations. Tagomi Trading, LLC (“Tagomi”) will act as the calculation and settlement agent for the buyer, handling the delivery, custody, and conversion of the BTC mined with the purchased hashpower.
Sam Doctor, Chief Strategist at BitOoda, said: “Institutional market participants demand professional products and solutions. This contract, built with an emphasis on transparency and accountability, is a critical step forward in the evolution of hash as a fungible commodity and the development of a robust hashpower market. Buyers accept price and difficulty risk in exchange for the opportunity to own Bitcoin at a discount to spot, while selling miners lock in their profits and receive an alternate source of capital to fund growth.”
This first-of-its-kind product optimizes the settlement and delivery process, and enables seamless transacting of hashpower in the over-the-counter markets. BitOoda aims to scale the operation with its partners Coinmint and Tagomi and establish a frictionless end-to-end solution for global hashpower merchants.
“We’re excited to be working with BitOoda and top industry participants in facilitating more advanced products, and acting as the trade execution and settlement layer for them,” said Marc Bhargava, Co-founder and President of Tagomi.
Ashton Soniat, CEO of Coinmint, said: “At Coinmint, we pride ourselves on being at the cutting edge of the mining space. This contract represents the next step in creating a transparent and liquid hashpower market in North America.”
BitOoda plans to introduce the product worldwide alongside its proprietary suite of mining services, which also includes the previously released BitOoda Difficulty™ swap. To learn more about BitOoda’s offerings, please email [email protected].
BitOoda Holdings, LLC is a global financial services platform based in Jersey City, NJ. Its mission is to accelerate the global adoption of transformational technologies by promoting transparent and efficient marketplaces, through innovative and professional capital markets solutions. BitOoda Holdings, LLC’s subsidiaries include Ooda Commodities LLC, a CFTC/NFA-registered Introducing Broker; BitOoda Technologies LLC, an SEC/FINRA-registered Broker-Dealer; and BitOoda Digital LLC, which has applied for a NY DFS BitLicense. BitOoda Hash and BitOoda Difficulty are trademarks of BitOoda Holdings, LLC. For more information please visit www.bitooda.io.
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