ChainX BTC Lock-up Mining Tutorial

ChainX
ChainX
Jul 16 · 3 min read

Step one: Create a new lock-up address.

We strongly recommend using a new wallet (which needs not to support OP_RETURN) to create a BTC address for the lock-up mining, instead of creating a new BTC address in the wallet currently in use (we recommend one address for one wallet), because all the BTC wallets available in the market are HD wallets, which means asset transfers are highly likely to affect BTCs stored in the lock-up address and thus cause the locked amount to be unlocked.

Let’s take MathWallet as an example to demonstrate how to create a lock-up address.

After backing up the mnemonic words, you will get a BTC address for the lock-up.

Step two: Click the “Lock-up” button.

Create a ChainX wallet account if you don’t have one : https://chainx.org/

Create a ChainX wallet account if you don’t have one : https://chainx.org/

Then click the “lock-up” botton on wallet page

Step three: Enter the BTC Lock-up Address to Generate OP_RETURN (used to identify the lock-up transaction and ChainX address).

Step four: Initiate a lock-up transaction to start mining.

Open a BTC wallet that supports OP_RETURN. Currently wallets that support OP_RETURN are: MathWallet, WOOKONG, BitX, Trezor, Coinb.in.

Take the Math wallet as an example. On the sending page, enter the lock-up address, the transfer amount and the service fee (the transfer amount is the amount you want to lock). Open the Add OP_RETURN function and enter the OP_RETURN information generated in the previous step. Click OK, and after the transaction signature is completed, you can start mining.

Notes on the Lock-up Amount:

1. The amount of lock-up address of a single ChainX address is not limited.

You can create as many lock-up addresses for one ChainX account as you like(the number of lock-up addresses is not limited).

2. The amount of BTC stored in a single lock-up address must be less than or equal to 10.

You can send 10 BTC in a lock-up transaction (with OP_RETURN)to an address; you can also start multiple transactions to an address with each less than 10 BTC (OP_RETURN is required for each) but the total amount should not exceed 10 BTC (or this transaction will not occur).

3. The amount of a lock-up transaction must be more than or equal to 0.01 BTC.

ChainX currently only supports lock-up transactions more than or equal to 0.01BTC, and transactions less than 0.01BTC will not take effect (the minimum lock-up amount is 0.01BTC).

Here are some information about Chain X

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ChainX

ChainX is a parachain on Polkadot focusing on interchain crypto asset management

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