The first merge-mined Bitcoin block by the Jax.Network protocol
by Maryna Trifonova, Head of Content at Jax.Network
Following the integration into Binance Pool, we are proud to announce that the pool has merge-mined the first Bitcoin block together with our protocol. The process has been set in motion and we are looking forward to accumulating more BTC hashrate and to seeing more blocks mined!
First and foremost, let us briefly remind you how our merge-mining algorithm works. As you remember, we have two coins, one of which is a stablecoin (JAX), while the other is a utility coin (JXN). For mining our protocol together with the Bitcoin network, miners receive JXN as an extra reward. But if they want to print JAX, they need to forgo their BTC and JXN rewards. Assuming that miners are profit-motivated, they should switch between these two options in order to maximize revenue. Besides, in both cases, they have an incentive to share the network hashrate with the Bitcoin network due to extra transaction fees collected from all three cryptocurrencies.
It’s worth mentioning that our protocol can be merge-mined not only with Bitcoin but Bitcoin SV, and Bitcoin Cash too. All three networks are not sharing the common hashrate, but JAX is theoretically capable to reuse all this hashrate and eventually get more hashrate than each one of them solely has. In fact, we already tried to merge-mine Bitcoin SV with our Jax.Network blockchain on our own. Moreover, we also burnt some of BSV together with JXN. Read more about it here. At the moment, we have around 500 Phash/s, while the Bitcoin SV network has 418 Phash/s only. That means our network already outpaced BSV and is expected to do the same with the Bitcoin Cash network with its 1.5 Ehash/s soon.
Two weeks ago we reported that Binance Pool became the first mining organization to start merge-mining Bitcoin along with Jax.Network. On March 20, the pool successfully merge-mined the first Bitcoin block. It has a height of 728,127 blocks. Feel free to check it out in the Bitcoin explorer. You can notice that the first output of its coinbase transaction starts with the string «1JAXNETJAXNETJAXNETJAXNETJAX». It’s a special marker that every BTC or BCH block merge-mined with Jax.Network has. The public link allowing our community to join Binance Pool in merge-mining Bitcoin with our protocol will be published soon. Please subscribe to our newsletter to keep posted in a timely manner!
Mining Bitcoin blocks is not an easy task. The current Bitcoin block difficulty is about 27.453 * 2⁷² hashes. This is a huge number. If you use a popular Antminer S19 Pro ASIC to merge-mine a Bitcoin block of that difficulty, the expected time required to mine such a block is 327,400 hours. That is 37 years and 4 months. However, the recently mined block is not an achievement of a single miner. Thousands of ASICs are working in parallel to merge-mine Jax.Network with Bitcoin. Right now their joint hashrate is above 500 Phash/s.
We are happy to see that the work of several years has finally started to gain real-world appreciation. The beginning of merge-mining of our protocol by one of the top mining pools in the world gives us a great head start. Let the era of JAX begin!
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