- This article has been compiled to introduce the BitMine mining project and its structure, features, and mission.
Califonia, USA, 23 July 2021, ZEXPRWIRE, BitMine is a token that provides environmentally friendly mining using an Automatic token Reward-Generation Protocol termed “Digital Mining.
BitMine is a digital token based on the Proof-Of-Stake consensus. It is decentralized and works on the BEP-20 (Binance Smart Chain) protocol. Binance Smart Chain is one of the best trusted, fastest, and most secure blockchains, which works parallel with the Binance Chain. It uses peer-to-peer technology to operate with no central authority or banks. The network carries out the transactions collectively. There is no central control over the token. The liquidity of the token is locked forever. The team only holds 0.4762% of the total supply. All transactions at this address will be public and will be used for marketing purposes. Bitmine is open-source, community-driven, and decentralized. Developers are all volunteers. Bitmine community and developers are working towards mass adoption of the currency in real life.
The total supply of Bitmine is 21,000,000 BMF. The same as the total supply of Bitcoins. Of these, 1,000,000 BMF will be pre-mined. These tokens will be used to provide liquidity on different exchanges as well as for marketing.
BMF is a minable token. The mining reward is directly proportional to blocks generated on the Binance Smart Chain. Therefore, the rewards each holder will receive will depend upon the number of tokens they are holding. Unlike bitcoin mining, where you need to mine the tokens using highly expensive hardware miners, you need to hold tokens in your wallet with proof of stake, and you will receive the mining reward automatically in your wallet.
With Bitmine, each mining phase has a halving interval, after which the block reward will decrease and the time per block will decrease. Thus, there are four phases of mining:
- Phase 1: In the first phase, the reward for each mining interval is 200 BMF tokens. The first phase consists of the first year from the time of deployment of the smart contract.
- Phase 2: This will consist of two years, and the reward will be half that of Phase 1. Therefore, the reward will be 100 BMF tokens for each mining interval.
- Phase 3: In this phase, the rewards further decrease to half that of Phase 2, i.e., 50 BTC tokens. This phase consists of 4 years.
- Phase 4: This phase will have a reward of 25 BMF tokens per mining interval. It is believed that this will be the golden period, as mining rewards will be decreased and total users will be increased.
BMF Block Rewards
BMF features digital mining that results in no complex calculations done by heavy energy use machines. Therefore, to achieve its functionality, the BMF algorithm relies on the BSC blocks. BMF generates mining rewards after a specific number of BSC blocks are mined. For example, in the first phase, after six hundred blocks of BSC are mined, one block of BMF is mined, and users receive their mining reward. Because no special efforts are required from any user to mine BMF blocks, all the users receive block rewards according to the number of tokens they are holding. There are a total of four phases for the mining of Bitmine Finance Tokens or BMF. Each phase consists of an estimated time, and a certain amount of BMF mined.
To conclude, Bitmine is like Bitcoin (BTC): decentralized, not controlled by any centralized person or institute, and mineable, but it is also energy efficient and community-driven. Bitmine possesses faster transactions with lower gas fees because of the more efficient Binance Smart Chain algorithms. Moreover, the digitally mineable BMF possesses no harm to nature. On the contrary, it contributes toward a carbon-free planet while repeating history and bringing about another life-changing opportunity for everyone worldwide.
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