New Bitcoin Mining Pool by Loka Targets Institutional Investors Backed by Hashlabs Support
Loka Mining has introduced a decentralized Bitcoin mining pool protocol, enabling miners to vend their forthcoming rewards to institutional investors at discounted rates and providing immediate cash access for operational purposes.
The collaboration with sustainable miner Hashlabs is expected to attract companies impacted by the recent halving, offering a means to mitigate market fluctuations.
Loka is set to launch a permissionless protocol granting investors access to Bitcoin at rates below market value through forward hashrate contracts directly from miners. These contracts will be overcollateralized and tokenized for instant liquidity in secondary markets, as per a Tuesday press release from the company.
Founder of Loka, Andy Fajar Handika, expressed, “We’ve observed significant interest from larger investors seeking improved avenues to acquire Bitcoin, and with Hashlabs’ hashrate supply and miner access, we are delivering that without counterparty risk.”
Handika further stated, “This protocol provides non-custodial, trust-minimized access to Bitcoin, rewarding miners for their essential network service.” Notable investors and supporters of Loka include BTC Startup Lab, Dfinity Foundation, Outlier Ventures, and Kilonova Ventures.
The product facilitates investors in acquiring Bitcoin at discounted rates through forward hashrate contracts, directly from miners, thereby offering immediate liquidity and hedging against market volatility.
CoinDesk is a distinguished media outlet covering the cryptocurrency industry, with journalists adhering to stringent editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated digital assets exchange, and is majority-owned by Block.one, with interests in various blockchain and digital asset businesses, including significant holdings of Bitcoin. Operating independently as a subsidiary with an editorial committee, CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
Will Canny, CoinDesk’s finance reporter, provided this information. The article delves into topics such as Bitcoin, Bitcoin mining, mining pools, futures, and miners.
