Compass Mining, an Online Marketplace for Bitcoin Mining Hardware, Launches Compass Payment Plan

Compass Mining, which claims to be the first and largest online marketplace for Bitcoin mining hardware and hosting, announced the launch of its effort to make BTC mining accessible to all — Compass Payment Plan.

This new program allows customers to “purchase Bitcoin mining equipment (ASICs) to be paid off over a 12-month period, reducing the financial strain associated with Bitcoin mining,” according to a release shared with Crowdfund Insider.

Compass Mining aims to develop a safe and accessible marketplace for retail and institutional miners to access ASICs and hosting options. The payment plan is another offering from Compass that aims to “stamp out the bitcoin mining stereotype that you need a significant amount of funding to start mining, and that purchasing machines exposes buyers to unnecessary risk.”

Central to the Compass Payment Plan is that it “locks in the price of the ASIC at its initial purchase date, protecting the customer from the fluctuations of the ASIC market,” the update explained.

Whitney Gibbs, CEO at Compass Mining, stated:

“We are constantly striving to increase retail and institutional access to bitcoin mining and make miners feel secure by reducing risk. As a result, our newest initiative, the Compass Payment Plan, drops the initial cost of getting into the mining game by two-thirds. This revolutionizes the marketplace by allowing almost anyone to get into bitcoin mining through Compass. By lowering barriers to entry, not only are we increasing access to bitcoin mining, we are also supporting the fundamental change that is occurring across the financial landscape.”

Clients have had to pay full price for their ASICs upfront, which “exposes them to the risk of Chinese manufacturers experiencing production or delivery issues.”

This proves to be “an insurmountable condition for large companies, leading them to avoid mining altogether,” the announcement noted while adding that Compass Mining has considerably “lowered the risks for all by offering the ability for potential miners to place a small down payment and secure their order, and then pay off the balance over 12 months.”

Compass Payment Plan cuts down the costs to retail and institutional customers. It allows individuals to “get into mining for less and mine Bitcoin to help pay off upcoming payments.”

For smaller institutions moving into the Bitcoin mining sector for whom cash flow may be an issue, “making small, incremental payments over time is ideal,” the announcement noted while adding that large institutions are able to “take advantage of the payment plan to control costs and manage the bottom line.”

The Compass Payment Plan is available for ASICs “hosted at one of Compass Mining’s facilities in the US or Canada, not for those mining at home through Compass Mining’s AT-Home Mining program,” the announcement clarified.

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