MINING PROCESS

Mining in minereum is performed on the fly with a mathematical formula. The total coins created is 0.00032 MNE per Genesis Address and per ethereum block. As we have 4268 Genesis Addresses and as an ethereum block takes an average of 15 seconds, this is the aprox. MNE mined per day:

[TotalGenesisAddresses] * [RewardPerAddress] * [TotalEthBlocksPerDay] = Total coins generated per day

4268 * 0.00032 * 5760 = 7866.7776 MNE per day

As a comparison example: ‚Äčethereum has a total of 5 coins created per block, which makes the total coins generated per day at 28800 ETH. minereum has a creation rate 72% lower than ethereum.


GENESIS ADDRESSES

The Genesis Addresses are the addresses where the initial coins were distributed. There will be no more coins than the ones that were distributed to these addresses, to guarantee the whole function of minereum these limitations apply for Genesis Addresses:

1. Genesis Addresses cannot receive coins. If coins are transferred to these addresses the transaction will be rejected and there will be an error in the ethereum transaction.

2. The available coins for transfer for the Genesis Addresses is limited to what is explain in the "Mining" point. If a Genesis Address attempts to transfer more funds than what is available as per the availableBalanceOf function, an error will be returned in the ethereum transaction.

All other addresses are free of these limitations. A list of all Genesis Addresses can be found here.


TOTAL SUPPLIES AND BALANCES

Total Supply

There are two important supplies in minereum:

1. The overall total supply - Function maxTotalSupply()

2. The available supply - Function totalSupply()

Take into account that minereum has 8 decimals so the return of these functions must be divided by 100000000 to get the real amount of MNE.


maxTotalSupply

Each Genesis Address was credited with 32,000 coins.

There are a total of 4268 Genesis Address.

The overall total supply: 32000 * 4268 = 136,576,000 MNE

It will take aprox. 47 years to reach the total supply.


totalSupply

The available supply for transfer can be calculated using this formula:

Code:

function totalSupply() constant returns (uint256 totalSupply)
    {
        minedBlocks = block.number - initialBlockCount;
        availableAmount = rewardPerBlockPerAddress*minedBlocks;
        return availableAmount*totalGenesisAddresses;
    }
				

The initial initialBlockCount is 3516521 (April 11, 2017).

By default all Genesis Addresses had a mining of aprox 10 days and therefore had an initial available balance of aprox 18 MNE.

The initial available supply was then: 18 * 4268 = 76824 MNE


Checking balances

There are 2 balances in minereum:

1. The overall balance - Function balanceOf()

2. The available balance (aka mined coins) - Function availableBalanceOf()