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In recent years, the “hashrate” sector has been heating up: on one side, traditional mining is experiencing a resurgence, with BTC price fluctuations impacting the entire network; on the other, a new generation of DePIN and “hashrate on-chain” projects are emerging in large numbers. The core pain points for users remain the same—expensive hardware, high electricity costs, cumbersome maintenance, and lack of transparency.  Many have asked me, 'Is there a more "purely software-based" approach to mining for those who don't want to deal with machines or negotiate with mining farms? Recently, I tried a project that tokenizes hashrate—Minerova. Below, I will share my direct impressions and some rational assessments.

To begin, let me explain why I paid attention to this project. Traditional cloud mining is mostly based on centralized contracts, making it difficult for users to verify if and how returns are distributed. Minerova, on the other hand, maps the “effective hashrate of physical miners” into on-chain MINVA tokens, with revenue distribution automatically settled by smart contracts and fully traceable. Conceptually, this is closer to “turning mining into a DeFi asset,” featuring low entry barriers and high transparency, which is why I was willing to give it a try.

In practice, I conducted a 'small-scale trial.' The process was simple: I connected my wallet, acquired a small amount of MINVA, observed the on-chain records of my hashrate and earnings in the dashboard, and even attempted to use the tokens for 'leasing/transfer' operations. The entire process required no contact with physical equipment, nor any concerns about mining pool configuration or hardware depreciation. The user experience was much like using a standard DeFi protocol. For beginners, it is also helpful that both earnings and transaction history are recorded on-chain and are traceable, which greatly alleviated my “black box anxiety.”

The project’s technical narrative of project also has some highlights, which I will summarize in plain terms. There are three core layers: The first layer is “on-chain miner identity” and data verification—the platform generates a unique identifier for each physical miner and uses external data sources to verify online status and performance, thereby resolving the issue of asset rights. The second layer is “token mapping and contract settlement,” where effective hashrate is mapped to MINVA tokens, and mining revenue is split and settled to token holders according to contract rules. The third layer is “liquidity and trading,” allowing tokens to be transferred, leased, or pledged in various financial operations, thus making hashrate—a previously illiquid asset—truly “alive.” For users, the combined experience of these three layers is: owning, trading, and managing hashrate without ever touching a machine, and receiving revenue in a verifiable, on-chain manner.

In terms of competitiveness, let us briefly compare common market solutions. The advantage of traditional cloud mining lies in “turnkey hosting,” but its weakness is that trust must be “placed in the platform.” Device NFT projects solve the “ownership display” issue, but revenue distribution and risk control often remain off-chain. The unique approach of Minerova is to conduct rights confirmation, revenue distribution, and liquidity as much as possible on-chain, reducing information asymmetry in the process. For users like me who value transparency and secondary market liquidity, this is a clear advantage. Of course, I do not deny that traditional mining farms still hold cost advantages in electricity and large-scale management; the two approaches are not mutually exclusive and suit users with different preferences.Minerova also features several practical designs. First is the “leasing” mechanism, which treats hashrate as a “subscription-based” resource, allowing for flexible allocation when short-term increases are needed. Second, the platform has reserved interfaces for collateralized lending, yield aggregation, and insurance. Once ecosystem partners complete these modules, the use cases of MINVA will more closely resemble those of a “productive asset.” Third, Minerova emphasizes multi-chain interoperability and security audits, which are essential for achieving larger-scale liquidity in the future. In short, Minerova is not simply putting hashrate “on-chain,” but is moving toward full assetization and financialization.

Of course, there are areas I believe could be improved. Firstly, there remains a learning curve for new users—explaining concepts such as miners, hashrate, oracles, and yield curves is not easy. I recommend the official team create a one-page, visually intuitive guide covering key steps from purchase to settlement. Secondly, although transparency is higher than with traditional solutions, users will still care about the credibility of data sources, multi-round audit reports for contracts, and contingency plans for abnormal situations. The more granular the public disclosure of this information, the stronger the foundation for long-term trust. Thirdly, liquidity is the lifeblood of “tokenized assets.” Early-stage secondary market depth, fee structures, and market-making strategies will directly affect user experience, and I will continue to monitor progress in this area. Lastly, compliance is an unavoidable topic for any project involving mining and financial attributes. I recommend disclosing compliance pathways and boundary notices for all key operating regions in parallel.

Overall, I categorize Minerova as following the path of “making mining a composable financial asset.” Its strengths are low entry barriers, high transparency, and strong liquidity, making it suitable for users who do not want to handle hardware but still wish to retain the characteristics of a “productive asset.” Its shortcomings are that the early ecosystem still needs time to mature, especially in terms of data credibility, audit frequency, liquidity depth, and compliance disclosures. For me personally, the most attractive aspect of such products is not “short-term yields,” but whether it truly transforms traditionally “heavy” hashrate into a financialized and composable on-chain asset—Minerova has taken a significant step in this direction.

If you are also curious about “hashrate tokenization,” you can start with a small amount, go through the process, and experience what it is like to “manage hashrate as easily as using DeFi.” What other projects have you recently followed that digitize real-world assets (RWA/DePIN)? Feel free to share your experiences and lessons in the comments. This article reflects only my personal trial and understanding and does not constitute investment advice. DYOR.

Official website: Minerova.top