Aside from trading cryptocurrencies and futures, crypto investors can now have the option of trading hashpower futures through Global Hashpower Exchange’s newly-launched platform called GHPEX.com.
According to a press release, GHPEX is the world’s first cryptocurrency exchange platform dedicated to trading hashpower futures. It allows users to trade hash power that delivers BTC and ETH with a monthly contract.
The platform will allow traders to take short and long positions and for crypto miners to decrease the risk for capitulation by selling their hashpower futures contracts to the market.
To celebrate its listing and to promote its platform, GHPEX said that it will offer traders up to 200 free USDT deposits as well as ten free trades upon signing up.
CEO Eno Chen shares the pain of crypto traders particularly in terms of trading options to diversify their portfolio. He hopes that this platform will introduce “a new alternative to trading” which goes beyond the conventional buy and hodl mentality.
Coins will come and go, in this highly volatile market; however, the one constant that will be around is hashpower. We’re excited to create the first platform dedicated to trading such an essential commodity.
Previously, crypto miners have struggled with many issues in crypto mining such as spikes in mining difficulty, brought about by the influx of other miners competing for block rewards. Recently, Bitcoin recorded its all-time high for mining difficulty. This caused many small-time bitcoin miners to capitulate and sell their BTC reserves just to stay afloat.