Compass Mining allows customers to buy new and used miners from the hardware market. Used miners appear under the Marketplace section of the hardware page. These miners are listed directly from customers who want to sell their mining hardware. Anybody who has hosted miners has access to the Compass Marketplace allowing them to recover hardware costs or speculate on hardware condtions.
Bitcoin is one of the most liquid assets in the world. At any point in time you can buy or sell Bitcoin and send it around the world. Other investments, such as real-estate, are illiquid because if is very time consuming and challenging to sell a house. Mining hardware falls somewhere in the middle, it is not as liquid as Bitcoin but more liquid than real-estate.
To fix this we have created the Compass Marketplace, which allows customers to sell their miners to other Compass customers. You set the price and others can browse and purchase your listings. Ownership of the miner is transferred within a week and funds are sent directly to your Account. This is just another way we are continuously reducing the barrier to entry when getting into the mining space.
Below you can preview a buyer and seller view of the Compass Marketplace.
As a buyer the Compass Marketplace can be accessed directly from the Compass Hardware page.
As a seller you can list your hardware to the Compass Marketplace from your Dashboard.
Customers interested in selling their hosted hardware can do so in 5 easy steps. For more details see the FAQ's below or checkout our Become a Compass Seller Compass Guide.
We have created this FAQ page to help answer any and all questions surrounding the Compass Marketplace. If you have additional questions feel free to contact us and we will be glad to assist.
Contents:
- Who has access to list on the Compass Marketplace?
- How do I become verified?
- How do I list my miners for sale?
- How do I check the status of my miner listing?
- Can I change the listing price of my miners?
- Can I change the listing price of my miners?
- How do I delist my miners?
- When will I get paid for my miner sale?
- How will I receive my funds?
- When will my pool account be switched over?
- What is a good price to sell my hardware at?
- How often can I change the Price of my listing?
Who has access to list on the Compass Marketplace?
Customers who are verified have the ability to list their hosted miners on the Compass Marketplace. To initiate the Verification process follow these steps here.
Verification also allows customers to use the newly released Compass Wallet.
How do I become verified?
To become verified follow the steps below.
- Navigate to your Compass Dashboard.
- Click on the Get Verified Now button on the left hand side of your dashboard.
- Navigate through the prompts entering the required information on the screen. This includes:
- Account Name
- Contact Information
- Address
- Document Verification
- Submission
- Log out and Log into your account to see if you were instantly verified or not.
- If you were not instantly verified keep an eye on your email and Compass Dashboard for updates.
Verification also allows customers to use the newly released Compass Wallet.
How do I list my miners for sale?
Once verified, you can list your miners from your customer dashboard. You will see a You are a Verified Seller! Start Selling button on the left hand side of your dashboard indicating you are ready to sell your hosted units. To list your miners for sale:
- Navigate to your Compass Dashboard.
- Select Hosting Orders or Start Selling on the left hand side of your dashboard.
- Locate the miner order you would like to list for sale.
- Select the drop down arrow.
- Check the miners you would like to list for sale.
- Press the Set for Sale button.
- Enter in your sale Price per Machine and review the listing page.
- Press the Set for Sale button when ready.
- Select the I have read and agree to the Compass Marketplace Agreement checkbox and review the Terms and Conditions.
- Press the final Set for Sale button.
NOTE: Once a miner is Set for Sale it must be reviewed for listing. This is to ensure that the miner is running properly for any potential buyers. It may take 1-2 Business days for the miner to appear for purchase on the Marketplace.
How do I check the status of my miner listing?
Once you list your miner for sale you can check its status on the hosting orders page. You will see one of the following statuses:
- Set for Sale - This means the miner is listed on the market place. You have the option of removing this listing or changing the listed price. This is seen in the image below.
- Pending - This means you have chose to list this miner to the marketplace. This listing needs to be reviewed before it will show up. It will take 1-2 business day for the miner to appear for purchase on the Marketplace.
- Sold - This means the miner has been sold in the marketplace and the customer is awaiting payment for the sale.
- Purchased - Awaiting Transfer - This means you have sold a miner in the marketplace. The miner will be reconfigured to hash to the new customer's account within a week of the purchase date. Funds will be dispersed within 7-10 business days from the date of sale.
- No Status - When a miner has not been selected for listing it will have no status. These miners will have a checkbox indicating that they can be listed.
Can I change the listing price of my miners?
Yes, once you have listed a miner for sale you can change the miner price by clicking on the magnified glass from the Hosting Orders page. This allow you to change the price and resign the Marketplace Terms and Conditions.
How do I delist my miners?
To delist your miner locate the miner under Hosting Orders and click on the trash can icon.
When will I get paid for my miner sale?
Miners which have been sold will be in a Purchased - Awaiting Transfer status. This means you have sold a miner in the marketplace. The miner will be reconfigured to hash to the new customer's account within a week of the purchase date. Funds will be dispersed within 7-10 business days from the date of sale.
How will I receive my funds?
Funds will be deposited directly to the Compass Wallet. Funds can be withdrawn to your bank account via a Wire Transfer, a Bitcoin Address or a Stablecoin Address.
Wire transfers will appear within 1 business day.
Bitcoin transfers will appear in 3 block confirmations (~30 minutes).
Stablecoin transfers will appear in ~30 minutes.
When will my pool account be switched over?
Pool accounts will happen within a week of the purchase date. This accounts for both buyers and sellers. The hashrate will appear in your designated pool account.
What is a good price to sell my hardware at?
Compass Score is the best way to determine if your marketplace listing is competitive. The higher the score the more competitive it is with other listings on the Compass Website. This score ranges from 0 to 100 and factors in many things such as, price, hosting fee, online date, and hashrate.
The Compass Score updates every 10 minutes to reflect changes in market conditions.
How often can I change the Price of my listing?
You can change the price of your market place listing once a day. The change will go into effect immediately but will only be available for update once every 24 hours.
Changing the price will affect the units Compass Score. This new score will appear after 10 minutes and will continuously be updated every 10 minutes.