"Once a hobby activity, now Bitcoin mining has turned into $12B/yr industry"
Watch this 10 mins keynote presentation on Chain Fusion day in Nashville by our co-founder
@TalkinAndy
describing what problems we're solving and the solution we're building.
Update: We just launched our Miner Dashboard (beta)
- Bitcoin miners can withdraw their mining rewards daily without a minimum payout threshold in ckBTC
- Zero fee atomic swap to USDT (Arbitrum)
- Fiat offramp to bank account & e-wallet (IDR)
Introducing Loka
Currently, Bitcoin mining is controlled predominantly by centralized corporations or at least mining operations with deep pockets.
One of the main reasons for this is that Bitcoin mining is capital-intensive in terms of the hardware needed and the recurring
GM folks,
This thread will explain what is Loka, the platform wer'e building.
But first let's dive into the basics of the Bitcoin mining industry -- which from a business perspective, has the similarities with a typical factory business..
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BTC miners can easily track mining reward distribution
and withdraw without minimum payout, directly to fiat, with zero fee!
we are building a value, that there will be zero reason for miners to not using Loka
Join our discord to know more
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PoS chains like Ethereum enable their holders to stake their ETH to validators, earning yield.
This ignites services like Lido, where holders can compound and use their ETH simultaneously via the Liquid Staking Token (LST) mechanism.
How about Bitcoin?
delighted to serve BTC more and more miners!
our group of miners are keep growing : more hashrates, more BTC!
giving us feed backs and sharing their satisfaction in using Lokamining
inviting all small, medium, to institutional miners to join us at !
More and more miners are onboarding to Loka, transferring their hashrate!
Loka miners can withdraw without minimum payout
We are progressing towards our goal of BTC mining marketplace on top of our own decentralized mining pool
Join our discord for alphas
Update: We just launched our Miner Dashboard (beta)
- Bitcoin miners can withdraw their mining rewards daily without a minimum payout threshold in ckBTC
- Zero fee atomic swap to USDT (Arbitrum)
- Fiat offramp to bank account & e-wallet (IDR)
The federal government wants to know the location and hashrate of every miner.
As with firearms, registration enables confiscation.
So: probably a good idea for US miners to relocate to red states, where property rights are more secure.
Deep Dive on Loka Mining & Decentralized Mining Pools
Loka Mining is an early
@btcstartuplab
company that is building a new kind of decentralized mining pool.
tl;dr
1. Buy and sell hashrate contracts (lock up BTC as collateral to sell future hashrate for cash now, like a
New color theme for our logo
Still with the same energy and values, but with more representation on bitcoin and tech color scheme
We also revamped our web theme
Loka DeFi coming soon, join our discord
99% of cloud mining platforms are scams.
The idea of cloud mining platform is making easy for anyone to invest in crypto mining activity
You donโt need to buy mining hardware, paying surge on your electricity bill, and deal with the complexity of managing the operation.
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Experience CHAIN FUSION LIVE with
@lokamining
Discover Loka Mining, a decentralized
#Bitcoin
mining pool offering native yield for
#BTC
๐ Tomorrow @ 5:00 pm CET / 8:00 am PT.
๐Listen on X or YT here ๐
Why do Bitcoin miners need mining pool?
A mining pool is like an insurance company for miners. Here's how it works:
Mining Bitcoin by yourself is a bit like playing the lottery. You try to solve hard puzzles to earn Bitcoin, but the chance of winning is really small, especially
@lastmjs
@VictorICPSquad
Mining pool is a single centralized choke point in the ecosystem we are building.
The challenge is not only technical but also on the scale of participation, to be able to distribute mining reward every day effectively, statistically a mining pool needs to have min ~0.7% total
For Indonesian miners, payout can be directly withdrawn to their bank accounts or any e-wallet in fiat IDR w/ zero fees.
This is just a step closer for our vision:
Making Bitcoin DeFi & Mining Accessible for Everyone
Details on this release:
Simplified, from solely business perspective; bitcoin mining business profitability depends on 4 variables:
- BTC price
- Operating Cost
- Hardware
- Electricity price
The cheaper the energy cost; the bigger moat u get.
Our cost is less than 4 cents/kWH.
How much is yours?
Get More Bitcoin, Spend Less Dollar!
โ Bitcoin Mining powered by one of the world's cheapest electricity from green and renewable energy
โ Start as low as $100 with fractionalized mining
โ Sit back, relax, and daily BTC rewards await you from our mining farm!
Smaller miners (less than 20 ASIC machines) often have to wait for days or weeks to receive their mining rewards, since mining pool has minimum threshold for payout (usually 0.005 BTC)
By using Loka, now they can get daily payout no matter how small their hashrate is.
Transferring mining reward to exchange from L1 also requires high tx fees. Converting and withdrawing to fiat add another extra cost.
Using ckBTC +optional atomic swap to USDT in Arbitrum using HTTPS outcalls, now miners can send their reward to exchange with almost zero fees.
100% trusworthy
100% trustless on-chain platform
100% guarantee
Our mining contract is ๐ guaranteed by BTC collateral on-chain๐
non custodial with 1:1 value to eliminate centralized party risk.
We understand that there are many ponzi schemes disguised as cloud mining platform
Breakeven cost means that 8 cent /kWH is your max price you can afford to pay for electricity to mine bitcoin in profit.
If youโre in the US, the cost is 2x more from your max. Even worse if you're in EU.
Gone is the era of bitcoin mining at home ๐ธ
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If miners on the Loka platform fail to deliver (the hashrate that produces) BTC to the buyer,
They'll be penalized by losing their Bitcoin
..and this collateral will be released to the contract buyer to compensate for their investment.
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Indonesian climate is absolutely perfect for bitcoin mining
no such thing as extreme temperature change like summer and winter
the weather is much more stable than any stable coins
more consistent uptime = more sats!
And all of these processes are happening on-chain and non-custodial, meaning that there are no centralized parties that hold the funds.
We believe in and embrace how the Bitcoin ecosystem should work:
Don't trust, verify.
FIN
High-end ASIC machine will cost you at least $4K. And even if you have money, we have the next big problem:
Your electricity bill will cost you more than the Bitcoin you get from mining.
The breakeven cost for energy with current BTC price is $0.08 /kWH.
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If you are an operator in the bitcoin mining industry in the US it is imperative that you ignore this survey and tell the EIA, the Department of Energy, and the current administration to fuck off.
Here's what they have in store for you.
@cakemakerone
Starting from ckBTC, native yield from the fees of a decentralized, community-owned, fully onchain Bitcoin mining pool.
How's that sounds?
..which creates a paradox of how Bitcoin network should be.
This is where Loka comes in.
We want to lower the barrier to mine bitcoin for everyone, by leveraging our geographical advantage to access cheap excess energy from renewable power plants.
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How does Loka work?
We connect excess power plants and smaller bitcoin mining operators to anyone in the world.
- Mining operators can scale up their operations faster.
- Power plants/energy providers can get their excess electricity absorbed & operate at an optimum level.
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Basically, with some googling โ in theory everyone can mine bitcoin:
1. Buy ASIC hardware
2) Plug it in your power socket
3) Profit
jk itโs not that simple
Hereโs the problem..
3/
@BtcRapha
Yes.
You don't need to trust us, you don't need to trust the miners, every actor in the ecosystem is being kept honest -- that's what trustless means!
100% trusworthy
100% trustless on-chain platform
100% guarantee
Our mining contract is ๐ guaranteed by BTC collateral on-chain๐
non custodial with 1:1 value to eliminate centralized party risk.
We understand that there are many ponzi schemes disguised as cloud mining platform
@BtcRapha
For 1 month you're getting +4% more BTC compared to buying at market price with the same investment, 1 year contract will give you +40% more.
This is calculated the current BTC price, and you can do easy simulation at different BTC prices in the future in our web app.
..the main difference is that the product output doesn't require physical logistics to be distributed.
A Bitcoin mining farm has two major components: CAPEX on mining hardware and installation, and OPEX on energy (electricity) price, manpower, maintenance etc.
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@BtcRapha
The contract period starts with only 1 month up to 2 years with higher ROI for the longer period.
Since the electricity cost is locked at a very low price, projected BTC yield has tremendous upside.
Check the testnet app to simulate the returns.
..but that's for another thread.
For now, please check our current MVP at and read our docs at
..and follow
@lokamining
to get updates. We're launching soon.
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Tokenizing bitcoin mining contract as composable smart contract also unlocks whole different kind of possibilities for other protocols, such as:
- insurance against BTC price drop using option
- real yield provider
- self repaying loans using BTC as collateral
10/
By fractionalizing mining operation & electricity cost and tokenize them as mining contract --
we're lowering the barrier to anyone to participate in bitcoin mining (started from $100)
Essentially you're acummulating freshly minted BTC at lower than market price ๐ฅท
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Due to the nature of the industry, only large companies can be profitable.
U know -- the ones that get special deals on H/W and energy price & operate at a massive scale.
This led to a situation where more & more miners are centralized..
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The premise of Bitcoin cloud mining:
Put some money in and get BTC at a lower price than the market.
Probably similar to what Loka is actually offering also:
But one of the biggest pushbacks against the idea of mining platforms is the centralized party risk.
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And every legitimate cloud mining platform (yes, there are some, actually) is battling this situation with another centralized approach that screams:
"We're a legitimate company, we won't rug you."
Loka is taking another approach.
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And what's our moat?
Simplified, from solely business perspective; bitcoin mining business profitability depends on 4 variables:
- BTC price
- Operating Cost
- Hardware
- Electricity price
The cheaper the energy cost; the bigger moat u get. Our cost is less than 4
@lastmjs
@VictorICPSquad
Mining pool is a single centralized choke point in the ecosystem we are building.
The challenge is not only technical but also on the scale of participation, to be able to distribute mining reward every day effectively, statistically a mining pool needs to have min ~0.7% total
Mainstream media often report that Bitcoin are useless to the world on a macro scale and, in fact, accelerate environmental damage because they consume a large amount of energy in their transactions.
But, what if the reality is actually the opposite?
A Trustless Non-Custodial Platform
Instead of making promises and repeatedly saying "trust us with your money," every mining contract will be collateralized at a 1:1 value by Bitcoin.
What does it mean exactly?
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Trusting your money to a company run by random people.
Hoping that they will run their ASIC machines and deliver the Bitcoin as promised from the hashrate you purchased.
And this is a valid concern, as there's a never-ending list of this type of scammers.
3/
Got some feedback from
@btc_albert
"Hardware cost is higher on your farm?"
Nope actually hardware cost is the same and operating cost is lower compared to average farm
Seems like our designer fatfingered the previous graph and made a mistake drawing h/w bigger on the left side
do you know that Loka will feature an onchain referral mechanism?
In addition to earning sats from your mining contract, you can also earn % yield by referring others to Loka!
visit
you can simulate our mining result on our website
1. input your investment amount
2. choose mining duration
3. slide to simulate BTC price in the future (optional)
super easy!