Compass Mining, the world’s first and biggest online marketplace for Bitcoin mining gear and hosting, has announced the release of the “Compass Mining Protection Plan,” the first ASIC Bitcoin miner protection program. 
Compass Mining was the first to provide retail exposure to Bitcoin mining via direct purchase and hosting packages. The firm is expanding its product offerings by developing a full suite protection package that will be offered to clients for each ASIC housed at a certified facility partner.
Insurance options for miners are severely limited, in part because traditional insurers have struggled to develop plans for the fledgling industry.
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.”
Customers hosted at partner locations in Texas, South Carolina, Nebraska, and Oklahoma may now access the newly introduced offering. After completing the initial distribution to its main clientele, Compass will spread it to additional sites.
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