Trustless Mining Escrow
What if my mining fails to deliver?
Safety through security (deposits)
When you rent an apartment, you put down a security deposit when you take the lease. Landlords require this deposit because if the market changes, they could lose out on the rent promised in the lease agreement.
In a similar way, your auction payment and a security deposit from the seller is held in escrow until after your hashrate is delivered to your mining pool account.
If you fail to receive your hashrate due to changing market conditions, you receive your money back and the seller’s deposit.
How Escrow Works
When you pay for your mining, the funds are deposited in a multisig wallet on the bitcoin blockchain. These funds are held in escrow and the seller receives their payment after your hashrate is delivered.
If you get less hashrate than you paid for, you receive make-up hashrate or a refund. And soon, buyers will have direct access to the escrow via public key.
If you fail to receive your hashrate due to an outage or changing market conditions, you will receive make-up hashrate from another source or your money back.
Guaranteed delivery
If your mining is offline for an extended period of time, you receive a refund of the balance of your prepaid mining plan
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