ARBITRUM 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 0.0006 MNEAR per ARBITRUM block per active Genesis Address.
• There are Aprox. 7000 ARBITRUM blocks mined per day, making the total generated coins per active Genesis Address per day of around 4 MNEAR.
• The self-mining process will last for 489,510,489 blocks after activation to Level 2 or Level 3.
• The Genesis Addresses can be traded at any time in the Minereum ARBITRUM 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: [Initial Normal Balances] + ([Total Addresses Activated to Level 3] * [Mining Reward Per Block] * [ARBITRUM Blocks Per Day] * [Days passed since V2 launch]) – Burned coins. This value can be seen in the stats page of the Web3 platform.

GENESIS ADDRESSES

The Genesis Addresses are the addresses that perform the self-mining process. In the Minereum ARBITRUM version all addresses are Genesis Addresses Level 1 by default, however only the airdrop participants received the Transfer of the 300,000 MNEAR, other ARBITRUM addresses will receive the Transfer at some point in the future. To guarantee the whole function of minereum these limitations apply for Genesis Addresses:

1. Genesis Addresses cannot receive coins. If MNEAR are transferred to a Genesis Addresses Level 2 or 3, the transaction will be rejected and there will be an error in the transaction. If MNEAR coins are sent to a Genesis Address Level 1, the Genesis Address Level 1 will be destroyed and becomes a Normal Address with the amount of coins sent to it, however you can generate new Genesis Addresses Level 1 by creating new addresses, for this we recommend Metamask that allows you to create multiple addresses easily.
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 transaction.

TOTAL SUPPLIES AND BALANCES

Total Supply

The available supply can be calculated using this formula:

Code:

function totalSupply() public view returns (uint256 TotalSupply)
{	
	return ((pc.genesisAddressCount() * pc.genesisSupplyPerAddress()) + pc.NormalImportedAmountCount() 
	- pc.MNEARurned() - 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()