Mining in minereum is performed on the fly with a mathematical formula, no mining equipment is required.
Here the major points about Minereum self-mining:
- Mining can only be done by Genesis Addresses
- Mining only starts after Level 2 or Level 3 activation (Level 1 Genesis Addresses Cannot mine)
- The number of coins mined are 0.00032 MNE per ethereum block per active Genesis Address.
- There are Aprox. 6,000 ethereum block mined per day, making the total generated coins per active Genesis Address per day of around 1.84 MNE.
- The self-mining process will last for 100,000,000 blocks (Aproximately 50 years after activation to Level 2 or Level 3).
- The Genesis Addresses can be traded at any time in the Minereum Genesis DEX, this allows users to trade their coins as a whole, not divisable units.
- The Divisible Transferable Supply (Circulating Supply), can be aproximately calculated using this formula: [old V1 Circulating Supply] + ([Total Addresses Activated to Level 3] * [Mining Reward Per Block] * [Ethereum Blocks Per Day] * [Days passed since V2 launch])
- For example, as of September 29, 2020, the divisible transferable supply can be calculated like this: 6029494.508 (fixed) + (1214 * 0.00032 * 6000 * 173) = 6,432,736.748 MNE