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 your Account. 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.
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.
- 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 unit undergoing repair, relocation, or hashing below the machine's optimum hashrate?
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 Get Verified Now 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 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 Miners or Start Selling on the left-hand side of your dashboard.
- Locate the List Miners for Sale button in the top right corner.
- Check the miners you would like to list for sale.
- Press the List Available Miners button that appears in the bottom right.
- Enter your sale Price per Machine and review the listing page. Please note that the Condition may be updated upon listing verification.
- 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 must be reviewed and verified for listing. This is to ensure that the miner is running properly for any potential buyers. It may take up to a week 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:
- Pending - 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.
- No Status - When a miner has not been selected for listing it will have no status.
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 clicking on the pencil from the Miners page. This allows you to change the price and re-sign the Marketplace Terms and Conditions. You can also select the pencil on the far right of your dashboard under My Marketplace Listings.
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 selecting Withdraw in the top right-hand corner then checking the box of each miner and clicking 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.
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?
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 marketplace 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 unit's Compass Score. This new score will appear after 10 minutes and will continuously be updated every 10 minutes.
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 unit undergoing repair, relocation, or hashing below the machine's optimum hashrate?
Offline and underperforming machines will not be approved for resale. Once the miner is fully hashing to the model's optimum hash range, it can be submitted for verification.