Compass Mining allows customers to buy new and used miners from the hardware market. Secondhand 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 conditions.
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 it 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 you. This is just another way we are continuously reducing the barrier to entry when getting into the mining space.
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 FAQs below or check out the complete Compass Marketplace Agreement and Terms of Service.
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?
- 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?
- Can I list an undeployed unit?
- Can I list a temporary unit or one undergoing repair, relocation, and/or hashing below the machine's optimum hashrate?
- If I sell my unit on the Compass Marketplace, do I keep the rack space?
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 start the Verification process follow these steps here.
How do I become verified?
To become verified follow the steps below.
- Navigate to your Compass Dashboard.
- Click on the Marketplace button on the left-hand side of your dashboard.
- Follow the instructions to complete the KYC process.
- Once you submit the required KYC info, the approval process will take approximately 5 business days.
- If you were previously a verified seller and have sold a unit on the Marketplace, you will be contacted with a unique link to re-verify and submit wire instructions. The manual KYC process will not give you access to the Compass Wallet as it has been disabled.
How do I list my miners for sale?
Once verified, you can list your miners from your customer dashboard. You will see a Marketplace button on the left-hand side of your dashboard.
To list your miners for sale:
- Navigate to your Compass Dashboard.
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Select Marketplace on the left-hand side of your dashboard.
- Check the miners you would like to list for sale.
- Press the List Available Miners button that appears in the bottom right.
- Enter your List Price per machine and review the listing page.
- Press the Set button when ready.
- Select the I have read and agree to the Compass Marketplace Agreement checkbox and review the Terms and Conditions.
- Press the List Selected button.
NOTE: Once a miner is Pending for Sale, it will be reviewed and verified for listing. This ensures that the miner is the correct model and running properly for potential buyers. It may take up to a week for the miner verification process to complete and the unit(s) 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 by locating the miner under Miner Details . Alternatively, you may view the miners on the right-side panel labeled My Marketplace Listings seen below.
You will see one of the following statuses:
- Pending Approval - You have chosen to list this miner on the Marketplace. This listing needs to be reviewed and verified before it will show up for sale. It may take up to a week for the miner to appear for purchase on the Marketplace.
- Listed for Sale - This means the miner is listed on the Marketplace. You have the option of removing this listing or changing the listed price. This is seen in the image below.
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No Status - When a miner has not been selected for listing it will have no status nor will it show up under the My Marketplace Listings panel.
NOTE: Sold miners will no longer be visible on the user dashboard.
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 locating the miner under Miner Details and clicking on the pencil icon.
This allows you to change the price and re-sign the Marketplace Terms and Conditions. Similarly, you may select the pencil on the far right of your dashboard under My Marketplace Listings.
Prices can also be adjusted by clicking Actions in the top right-hand corner and selecting Withdraw/Edit.
Check the box of each miner and click Edit Prices.
How do I delist my miners?
To delist your unit locate the miner under Miner Details and click on the Marketplace icon with a line through it.
This can be seen on the bottom right in the image below.
Miners can also be delisted by clicking Actions in the top right-hand corner and selecting Withdraw/Edit.
Then check the box of each miner and click Withdraw Selected Miners.
When will I get paid for my miner sale?
In most cases, the miner will be reconfigured to hash to the new customer's account within two weeks 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 paid out by wire transfer.
Sellers agree to pay Compass a success-based transaction fee of 10% for the marketing of their hardware and integrated services in connection with the use of the Marketplace. If you've paid your hosting invoices in advance, those will be credited after the transfer. Additionally, if your miner sells, you will receive your deposit back. Payments will be issued in full after the transaction is complete.
NOTE: If you were previously a verified seller and have sold a unit on the Marketplace, you will be contacted with a unique link to re-verify and submit wire instructions. The manual KYC process will not give you access to the Compass Wallet as it has been disabled.
When will my pool account be switched over?
Pool transfers typically occur within the first two weeks from the date of sale.
What is a good price to sell my hardware at?
To locate similar listings on the Marketplace, click the View Sale Tools link within the Price Setting menu.
How often can I change the Price of my listing?
You can change the price of your Marketplace listing once a day. The change will go into effect immediately but will only be available for update once every 24 hours.
Can I list an undeployed unit?
Miners must be online and operating within the model's optimum hash range per the manufacturer's specification to be approved for resale.
Can I list a temporary unit or one undergoing repair, relocation, and/or hashing below the machine's optimum hashrate?
Temporary, offline, and underperforming machines will not be approved for resale. Once the original miner is fully hashing to the model's optimum hash range, it can be submitted for verification.
NOTE: Listed miners that do not maintain the model's optimum hash range will be removed from the Marketplace. Delisted miners can be resubmitted for approval.