Time to tell you more about exactly how the GoMining Rewards distribution will work.
Get ready, there will be a lot of math, but it will bring you additional rewards.
As we announced earlier, GoMining Rewards will consist of 3 categories:
- Multipliers in Pool Mining;
- Increasing the power of The Greedy Machines collection;
- Additional discounts for NFT owners who have chosen Solo Mining.
To analyze each of the categories in detail, we need a visual number. Let’s imagine that after the mint, 120,000 GoMining tokens were distributed on GoMining Rewards. This is just a convenient example of calculations.
Before the introduction of voting, the distribution will be uniform. That is, 40,000 tokens will be given to each of the categories, based on the example above.
Multipliers in Pool Mining
The value of the game multiplier will depend directly on GoMining Rewards.
To calculate it, we first need to find out how many BTC NFT Pool Mining participants should mine in a week, based on the number of their terahashes.
Weekly Pool Rewards = total hashrate in Pool Mining x mean payout for TH/s x 7 days
For a convenient example, let’s assume that the total hashrate in Pool Mining is 100,000 TH/s.
At the same time, we know that the mean payout for 1 TH/s in Pool Mining is 0.00000075 BTC.
100,000 х 0.00000075 х 7 = 0.525
That is, the pools should mine about 0.5 BTC in a week.
40,000 GoMining tokens is 0.13 BTC.
We consider the multiplier value for a week: (0.13 + 0.5) / 0.5 = 1.26
The number of distributed tokens will change each cycle, also changing the multiplier in the game.
Increasing the power of The Greedy Machines collection
The weekly power increase will be calculated according to this logic:
The number of GoMining tokens distributed by category x the cost of the GoMining token / the mean price of 1 TH/s in $ for the collection of The Greedy Machines.
Substituting the actual values:
40,000 х 0.1 / 20 = 200 TH/s
So this much power should be added to the collection of The Greedy Machines, based on the values given.
Let’s calculate how much each miner will add to the collection:
200 / 286,270 (power of The Greedy Machines) x 100% = 0.07%
Additional discounts for NFT owners who have chosen Solo Mining
To calculate this discount, you first need to understand how much NFT holders have to pay for maintenance per week in Solo mode.
Weekly cost = total hashrate in Solo Mining x mean cost for 1 TH/s x 7
Let’s say the total capacity of all NFTs in Solo Mining is 750,000 TH/s, and the mean maintenance fee of 1 TH/s is 0.000002 BTC.
Substituting values:
750,000 х 0.000002 х 7 = 10.5 BTC
So, this is how much the owners would have to pay for the maintenance of their NFTs in Solo mode with the data given above.
The 40,000 distributed GoMining tokens (0.13 BTC) will cover part of these costs.
(10.5–0.13) / 10.5 = 0.988 % will remain to pay from the original amount.
That is an additional discount of 1.2%.
This discount will be provided in addition to existing discounts
That is, in addition to discounts for farm level, pressing the Service button, and paying for maintenance in GoMining tokens, you will receive a 4th from GoMining Rewards.
What if the number of newly minted tokens distributed on GoMining Rewards is not enough to provide multipliers and discounts?
In this case, the project will cover the missing amount for this week and then deduct it from the next GoMining Rewards.
You will find out the value of multipliers for the upcoming week, the percentage of added power, and discounts for Solo mode every Tuesday.
Starting from 12 September and until the introduction of governance rights, the distribution will take place evenly between the three categories, but then the holders of veGOMINING votes will be able to choose where to give more tokens during each cycle.
Change the size of discounts, increase or decrease the multiplier, or give everything to the power of The Greedy Machines.
Lock up GoMining tokens on a veGOMINING smart contract, get veGOMINING votes, and decide personally how you want to increase the final mining rewards.
