Compass Mining, the world's first and largest online marketplace for bitcoin mining hardware and hosting, today announced the launch of the “Compass Mining Protection Plan,” the first protection product for ASIC Bitcoin miners.

Compass Mining was the first to open the doors to retail exposure in Bitcoin mining through its direct purchase and hosting packages. Compass Mining continues to expand its product offerings by creating a full suite protection product that will be made available to customers for each ASIC they have hosted at a verified Compass Mining facility partner.

“Compass Mining is pleased to expand additional protections to our miners,” Jameson Nunney, Chief Strategy Officer at Compass Mining, said in a statement. “Bitcoin mining is a burgeoning, young industry. Simple protection products like this should be considered a financial primitive. Compass Mining is proud to have built the first ASIC-protection package to offer to retail Bitcoin miners.”

Mining with ASICs represents a tangible way to participate in the Bitcoin mining industry. However, no product existed for Bitcoin miners to protect against natural disasters, hosting incidences or machine theft. Compass Mining’s Protection Plan protects miners from certain unexpected events, all for a low opt-in cost.

“Like any asset, ASICs bear risk,” said Compass Mining Director of Risk Karoon Mackenchery. “There’s been a dire lack of comprehensive protection products for miners in the market until now. I’m pleased to have built this product alongside the Compass Mining team and our broker partners.”

The Compass Protection Plan is available for all customer-hosted equipment at Compass Mining’s partner facilities located in Texas, South Carolina, Nebraska and Oklahoma. Compass Mining plans on expanding the Compass Protection Plan to alternative sites, facilities and miners after completing its initial rollout to core clients.

“Compass Mining allows anyone to purchase their own Bitcoin miner and host it at one of our corresponding facilities,” Thomas Heller, Co-CEO of Compass Mining, said in a statement. “We continue to build mining, hosting and service offerings for our clients in order to allow our customers to achieve the best possible outcome for their mining operations. We look forward to expanding the Compass Protection Plan to serve the entire industry.”

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