Rigly Update: April 17, 2024

A brief update on Rigly and our extended maintenance.

Platform update

The move to our new stratum proxy server continues. We hit several issues in testing, which we are working to solve and re-open hashrate auctions soon.

What is a stratum proxy?

As we work to get things back up and running, we wanted to provide an update on why this change was necessary and what it will allow us to do. 

When we started our marketplace, we used stratu.ms as our proxy server to forward hashrate from the mining farms to your mining pool account.

Forwarding hashrate this way is the key difference between Rigly and cloud miners: your bitcoin is held in escrow and miners are paid only after they deliver the hashrate to you.

Unfortunately, stratu.ms shut down their operation giving us only a small window to find (or build) a new solution. There are a few other proxy servers available on the market, but they need to be run locally and are intended for large mining farms to use themselves.

So we decided to build our own simple and efficient hashrate proxy in python. This gives us several benefits:

  • By building our own proxy, we will have more accuracy and control over hashrate delivery.
  • We have some big things coming in 2024, including the launch of our “over the counter” hashrate trading platform, and our proxy will allow us to serve higher volumes of hashrate.

Looking ahead, we intend to open source our hashrate proxy, while offers even more benefits:

  • If you want extra anonymity, you can run your own proxy and forward hashrate to your mining pool account.
  • Anyone can verify how the proxy works by reading its source code.

We'll be working on getting the new proxy online after the upcoming Halving, so stay tuned.

What we're reading

All 21 Million Bitcoin Already Exist Waiting To Be Unlocked By Auction — Blockchair News
bitcoinmagazine.com: A look at Dhruv Bansal’s conceptual view of the issuance process of fresh bitcoin from a new angle. They aren’t being created, they’re simply being unlocked.
Are Mining Pools Political Targets? - Blockspace Media
Politicians are taking aim at mining pools, but pool operators aren’t making it any easier by allowing for various transaction types on-chain. All this and more in this week’s mining news roundup!

Happy Wednesday!

Thanks for reading all the way,

Team Rigly

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