Minereum Mining Process

MINING PROCESS

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

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 MNE 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

The available supply can be calculated using this formula:

Code:

ffunction totalSupply() public view returns (uint256 TotalSupply)
{	
	return ((pc.genesisAddressCount() * pc.genesisSupplyPerAddress()) + pc.NormalImportedAmountCount() 
	- pc.mneBurned() - pc.GenesisDestroyAmountCount());
}
				

Checking balances

There are 2 balances in minereum:

1. The overall balance – Function balanceOf()
2. The available balance (aka mined coins) – Function availableBalanceOf()